Police Conduct Search and Seizure at Korea Exchange Over Bang Si-hyuk Capital Markets Act Violation
The police investigating Bang Si-hyuk, chairman of HYBE, on suspicion of violating the Capital Markets Act, recently conducted a search and seizure at the Korea Exchange and other locations.
According to the police on July 3, the Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency executed a search and seizure at the Korea Exchange in Yeouido on June 30, securing documents related to HYBE's listing review.
Chairman Bang is under police investigation on charges of fraudulent unfair trading under the Capital Markets Act. He is accused of deceiving existing HYBE investors in 2019 by falsely claiming there were no plans for an initial public offering (IPO), inducing them to sell their shares to a private equity fund established by one of his acquaintances, and then actually pursuing the company's listing.
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The Financial Supervisory Service is also investigating this case.
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