Up to date April 21 KST:

Following the police’s request for an arrest warrant for HYBE Chairman Bang Si Hyuk on costs of fraudulent unfair buying and selling, his authorized consultant has launched a press release.

Bang Si Hyuk’s legal professional acknowledged, “It’s regrettable that an arrest warrant has been requested regardless of his honest cooperation with the investigation over an extended time frame. We’ll faithfully take part in future authorized proceedings and do our utmost to make clear the details.”

Authentic Article:

The police have requested an arrest warrant for HYBE Chairman Bang Si Hyuk.

On April 21, the Seoul Metropolitan Police Company’s Monetary Crime Investigation Division introduced that they requested an arrest warrant for Chairman Bang Si Hyuk, who’s accused of violating the Capital Markets Act (fraudulent unfair buying and selling).

Chairman Bang Si Hyuk is suspected of deceiving traders by claiming that there have been no plans for an IPO earlier than HYBE went public in 2019, thereby inducing a particular personal fairness fund (PEF) to promote its stake in HYBE, solely to proceed with the itemizing shortly thereafter.

Police imagine that, beneath a personal settlement made prematurely with the personal fairness fund, Bang Si Hyuk acquired 30 p.c of the earnings from the sale of shares after the IPO, leading to practically 200 billion received (roughly $13,585,000) in illicit good points.

Bang Si Hyuk maintains that he didn’t deceive the preliminary traders, asserting that the sale was carried out on the request of the traders themselves and that the profit-sharing phrases had been situations first proposed by the traders.

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