Police Request Arrest Warrant for Bang Si-hyuk... U.S. Departure Effectively Blocked

Custody Sought on Charges of Fraudulent Unfair Trading
Travel Effectively Blocked Despite U.S. Embassy's Request for Permission to Leave

The police have moved to secure the custody of Bang Si-hyuk, Chairman of HYBE, who is accused of making an unfair profit of around 190 billion won through false information. Controversy has arisen after it was revealed that the U.S. Embassy in Korea effectively requested the lifting of his travel ban via a letter asking for permission for Bang to visit the United States in connection with a BTS performance.

The Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency announced on April 21 that it had requested an arrest warrant for Chairman Bang on charges of fraudulent unfair trading. This comes two days after media reports about the U.S. Embassy's letter.

Bang Si-hyuk, Chairman of HYBE, is appearing at the Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency in Mapo-gu, Seoul. Photo by Yoon Dongju

Chairman Bang is accused of providing false information to existing shareholders and other investors in the process of buying shares before HYBE's listing in 2019—specifically, claiming that the company was either delaying its listing or had no plans to go public, even as preparations for the listing were underway, and thereby making unfair gains amounting to around 190 billion won.

The police previously summoned Bang as a suspect for questioning on five separate occasions.

Jeongbo Park, Commissioner of the Seoul Metropolitan Police Agency, responded to related questions at a regular briefing the previous day, saying, "The investigation is almost complete and is under legal review," and added, "It will be concluded in the near future." Regarding the news of the U.S. Embassy's letter, he stated, "If there is a request, we will review its validity according to law and principle." However, with the police moving to secure Bang's custody within a day, his departure from the country has been effectively blocked.

Meanwhile, it has been reported that the U.S. Embassy in Korea recently sent a letter to Jaeseong Yoo, acting Commissioner General of the Korean National Police Agency, requesting that Chairman Bang be permitted to visit the United States. The embassy is said to have cited attendance at the 250th anniversary celebration of U.S. Independence Day in July and support for the BTS U.S. tour as reasons.

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