U.S. Embassy Requests Lifting of Exit Ban on HYBE Chairman Bang Si-hyuk

Bang Si-hyuk, Chairman of HYBE. Photo by Dongju Yoon

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The U.S. Embassy in South Korea has requested the lifting of exit restrictions on Bang Si-hyuk, Chairman of HYBE, who has been banned from leaving the country due to alleged violations of the Capital Markets Act.

According to government officials on April 20, the U.S. Embassy in South Korea sent a letter of cooperation to Yoo Jaeseong, Acting Commissioner General of the National Police Agency, earlier this month. The letter reportedly requested that Chairman Bang, HYBE CEO Lee Jaesang, and Vice President Kim Hyunjung be allowed to travel to the United States.

The embassy cited as reasons for this request their attendance at the upcoming 250th anniversary of U.S. independence on June 4, as well as support for BTS’s U.S. world tour.

Chairman Bang is accused of providing false information to existing investors prior to HYBE’s 2019 IPO, stating that there were no plans for an initial public offering, and thereby securing illicit gains totaling approximately 190 billion won. Police have continued their investigation, suspecting that Bang induced the sale of shares to a private equity fund established by former executives before proceeding with the listing.

The police imposed an exit ban on Bang in August last year and have since summoned him for questioning five times. At a regular press briefing on this day, Park Jeongbo, Commissioner of the Seoul Metropolitan Police Agency, stated, “The investigation is in its final stages, and we are currently conducting a legal review.”

Regarding the U.S. Embassy’s request, Commissioner Park explained, “The Seoul Metropolitan Police Agency has not yet received any request,” and added, “If a request is made, we will review its validity in accordance with the law and established principles.”

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