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

The police have moved to secure the custody of Bang Si-hyuk, Chairman of HYBE, who is suspected of obtaining illicit gains amounting to around 190 billion won through false information. Controversy has arisen after it became known that the U.S. Embassy in Seoul effectively requested the lifting of his travel ban through a letter asking for permission for Chairman Bang to visit the United States in connection with BTS concerts.

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 just two days after the news broke in the media that the U.S. Embassy had sent such a 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

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Chairman Bang is accused of providing false information to existing shareholders and investors during the process of buying back shares before HYBE’s listing in 2019, stating that the company’s listing was delayed or that there were no plans to go public, even though preparations for listing were underway. Through this, he allegedly obtained unfair gains totaling about 190 billion won.

The police have already summoned Chairman Bang for questioning as a suspect on five separate occasions.

Park Jeongbo, Commissioner of the Seoul Metropolitan Police Agency, responded to related questions at a regular press conference the previous day, saying, “The investigation is nearly complete, and we are currently reviewing the legal aspects. It will be concluded in the near future.” Regarding the U.S. Embassy’s letter, he stated, “If a request is made, we will review its validity in accordance with laws and principles.” However, with the police moving to secure Chairman 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 Seoul recently sent a letter addressed to Acting Commissioner Yoo Jaeseong of the National Police Agency, asking that Chairman Bang be allowed to visit the United States. The embassy is said to have cited participation in the upcoming July celebration of the 250th anniversary of U.S. Independence Day and support for BTS’s U.S. tour as the reasons for the request.

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