Bang Si-hyuk Summoned by Police for Third Time... Accused of 190 Billion Won in Illicit Gains

[Financial News] Bang Si-hyuk, Chairman of Hybe, who is under suspicion of violating the Financial Investment Services and Capital Markets Act (FSCMA), has been questioned by the police for the third time.
The Financial Crime Investigation Unit, Seoul Metropolitan Police Agency announced on the 5th that Chairman Bang was summoned for questioning as a suspect earlier that morning. Bang had already appeared before the police twice in September, and this marks his third round of questioning.
Bang is accused of informing investors in 2019, ahead of Hybe’s initial public offering (IPO), that there were no plans for a listing, and then arranging for shares to be transferred to a private equity fund (PEF) established by an acquaintance. He is suspected of engaging in fraudulent unfair trading under the FSCMA. After Hybe went public, the PEF sold its shares, and Bang reportedly received 190 billion won in capital gains through a shareholder agreement.
The police began their investigation in December last year based on internal intelligence. On June 30, they raided the Korea Exchange (KRX), and on July 24, they searched Hybe’s headquarters, securing relevant materials.
A representative for Bang stated, "He appeared for additional questioning at the request of the authorities and plans to fully cooperate with the procedures," adding, "There was no intention to deceive investors."
Meanwhile, the Securities and Futures Commission (SFC) under the Financial Services Commission (FSC) reported and referred Bang to the prosecution in July for violating the prohibition on unfair trading. The Financial Supervisory Service (FSS) Special Judicial Police Officer for Capital Markets is also conducting a separate investigation.
425_sama@fnnews.com Choi Seung-han Reporter