Court Approves 156.8 Billion Won Asset Preservation Order on Bang Si-hyuk's HYBE Shares

Yonhap News Agency

The court has accepted the prosecution's request to freeze the shares of Bang Si-hyuk, Chairman of HYBE, who is under investigation for alleged fraudulent transactions.

According to legal sources on December 4, the Seoul Southern District Court granted a pre-indictment preservation order on November 19 to freeze Bang's HYBE shares worth approximately 156.8 billion won. A preservation order is a procedure that freezes assets suspected to be criminal proceeds, preventing their disposal until a final court decision is made.

A HYBE representative stated, "A preservation order is a routine procedure and does not constitute a judgment on guilt or innocence," adding, "We have cooperated faithfully during the investigation, provided explanations, and are awaiting the authorities' decision."

Bang is accused of deceiving HYBE investors in 2019 by falsely claiming there were no plans to list the company, thereby inducing a particular private equity fund to sell its stake, and then proceeding with the listing afterward.

The police suspect that, under a confidential agreement made in advance with the private equity fund, Bang received 30 percent of the capital gains after the listing, thereby earning approximately 190 billion won in illicit profits.

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