Police Impose Travel Ban on Hybe Chairman Bang Si-hyuk Over Suspected 190 Billion Won Fraudulent Trading

The police have imposed a travel ban on Bang Si-hyuk, chairman of Hybe, who is suspected of illicitly gaining approximately 190 billion won.

The Financial Crimes Investigation Unit of the Seoul Metropolitan Police Agency announced on October 1 that Chairman Bang has been barred from leaving the country on suspicion of violating the Capital Markets Act (fraudulent unfair trading).

According to the police, Chairman Bang is accused of deceiving existing Hybe investors in 2019, prior to Hybe’s stock market listing, by falsely claiming there were no plans for an IPO (initial public offering), and then orchestrating the sale of shares to a private equity fund established and funded by Hybe executives.

After the IPO process began, the private equity fund sold its shares. It is reported that Chairman Bang earned approximately 190 billion won in profits under a prior agreement to pay 30% of the capital gains from the sale of shares held by a special purpose company (SPC) to Hybe’s largest shareholder.

Chairman Bang’s representatives maintain that all relevant laws and regulations were followed at the time of the company’s listing and that there are no legal issues. Previously, the police questioned Chairman Bang twice, on September 15 and 22.

This content was produced with the assistance of AI translation services.