Bang Si-hyuk, Chairman of HYBE, to Face Police Photoline on the 15th for Alleged Fraudulent Trading

[Financial News] The police will summon Bang Si-hyuk, Chairman of HYBE, for questioning on the 15th. This is the first time Chairman Bang will appear before the investigative agency.
According to the police, Chairman Bang is scheduled to be questioned at 10 a.m. on the 15th at the Seoul Metropolitan Police Agency's Investigation Division in Mapo-gu, Seoul. A police official hinted at the possibility of a photoline, stating "principally public appearance."
Chairman Bang is accused of informing investors that there were no plans for an Initial Public Offering (IPO) before HYBE's listing in 2019, then transferring shares to a private fund established by an associate. The private fund sold the shares immediately after listing, and Chairman Bang reportedly received a portion of the profits.
In June, the police seized materials related to the listing from the Korea Exchange, and in July, from HYBE headquarters, and have recently completed their analysis. Financial authorities are also examining whether Chairman Bang's actions constitute fraudulent trading under the Capital Markets Act.
Chairman Bang's side has reportedly denied all charges, stating "there was no deception of investors, and the profit-sharing conditions were proposed by investors."
The police plan to review the results of Chairman Bang's questioning to determine the future course of action, including whether to apply for an arrest warrant.

425_sama@fnnews.com Choi Seung-han Reporter