[instiz] EXPANDED INVESTIGATION INTO BANG SIHYUK

Police are conducting a supplementary investigation into HYBE Chairman Bang Sihyuk, who is suspected of pocketing approximately 190 billion won in illicit gains during the company’s initial public offering (IPO).

At a press briefing held on the morning of the 2nd at the National Police Agency headquarters in Migun-dong, Seodaemun-gu, Seoul, a police official stated, We are conducting additional reviews and supplementary investigations to ensure the completeness of the investigation into Bang Sihyuk.”

Regarding the delay in the decision to investigate Chairman Bang, the official explained, “Since fraudulent insider trading constitutes a violation of the Capital Markets Act, there are few precedents or similar cases.””

Chairman Bang is accused of deceiving existing shareholders into believing that the IPO would be delayed, even though HYBE was actively preparing for its listing at the time, during the process of purchasing shares from them prior to the 2019 IPO.

He is also accused of instructing the sale of shares held by a special purpose company (SPC) established by a private equity fund in which HYBE executives were involved. The private equity fund in question was a specially structured fund created by an asset management firm founded and funded by HYBE executives.

Previously, the police conducted an intensive interrogation of Chairman Bang for over 14 hours during his first summons on September 15 of last year, followed by a second summons on the 22nd of the same month. Subsequently, they conducted three additional summonses on November 5, 7, and 9 of last year. No further summonses have been issued for Chairman Bang since then.

A total of 38 cases of the crime of “distorting the law” have been reported involving police investigators. A similar number, around 30 cases, have also been filed against judges and prosecutors. 

A police official stated, “Considering that there are significantly more police investigators, the number of cases reported against police, prosecutors, and judges is at a similar level. Among these cases, there are certainly aspects that require legal review, and internally, police officers who hold law licenses are currently reviewing them.”

1. Seriously, when is he getting jailed?

2. Please go to hell~!~!

3. I hope that Disappear as soon as possible, you source of K-pop’s evil

4. The police is disgustingly bad at investigating

5. How long has it been.. seriously…

6. Finally

7. You guys took too much time

8. I feel like they are gonna let him slide once again

9. The amount keeps shrinking little by little…

> It was originally 400 billion, but it’s dropping to the 200 billion and 100 billion range.

10. Stock manipulation is a disgrace