[theqoo] PROSECUTORS, REJECT ARREST WARRANT FOR HYBE’S CHAIRMAN BANG SIHYUK, REQUESTING FURTHER INVESTIGATION

Prosecutors have rejected an arrest warrant for Bang Sihyuk, chairman of HYBE, who is accused of deceiving investors into selling their shares ahead of an initial public offering (IPO).

On the 24th, the Joint Investigation Unit for Financial and Securities Crimes at the Seoul Southern District Prosecutors’ Office returned the arrest warrant requested for Chairman Bang on charges of fraudulent trading under the Capital Markets Act to the police. 

The prosecution stated, “We determined that there was insufficient evidence to justify detention at this stage and requested further investigation.”

Chairman Bang is accused of deceiving HYBE investors in 2019 by claiming there were “no plans for a stock listing,” thereby inducing them to sell their shares to a private equity fund affiliated with him, and subsequently listing HYBE.

Police believe that Chairman Bang reaped a total of approximately 260 billion won in illicit gains, including 30% of the profit from the sale of shares after the listing. about 190 billion won. under a confidential agreement with the private equity fund.

1. ㅋㅋㅋㅋㅋㅋㅋㅋㅋ F*ck, right, that’s exactly what we expected. He’s now escaping to the U.S. What the heck are you guys doing?

2. I think I’ve seen the limits of the police. With that level of competence, not only will innocent people suffer, but they won’t even be able to catch the criminals who need to be apprehended.

3. ㅗ

4. With a president who uses taxpayer money to provide generous support right behind us, didn’t you know this was going to happen? ㅋㅋㅋㅋㅋㅋ And you claimed that you would ruin all tax evadersㅋㅋㅋㅋㅋㅋ

5. ㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋ Yah

6. Why say that you will ruin all tax evaders? Are you really a president who’s prepared for this?

7. We still haven’t gotten rid of those investigators?

8. And you said you would put stock manipulators to a ruinㅋㅋㅋㅋㅋㅋㅋㅋ

9. Wow, seriously, what kind of backing does this guy have? It’s my first time seeing an arrest warrant being rejected

10. Why blame the prosecutors? It’s coming from people that are way above them