Bang Si Hyuk To Be Reported To Prosecutors Over Allegations Of Violating The Capital Markets Act, HYBE Issues Response
HYBE Chairman Bang Si Hyuk is set to be reported to prosecutors over allegations of violating the Capital Markets Act during HYBE’s IPO process.
The Capital Markets Investigation Review Committee (CMIRC), a deliberative body under the Financial Services Commission’s Securities and Futures Commission (SFC), held a meeting on the 7th of July and reviewed the case involving Chairman Bang.
During the meeting, the committee reportedly decided to refer Bang to the prosecution, citing that he allegedly signed secret contracts with private equity funds and provided false information to investors.
The SFC is expected to handle the matter at its regular meeting scheduled for the 16th. Given that the CMIRC has issued a recommendation for legal action, the case is likely to proceed to formal indictment.
On the 9th, HYBE released an official statement regarding the matter involving Chairman Bang, saying, “We sincerely apologize for the concerns caused by news related to our company’s IPO process.”
They added, “We are cooperating with fact-checking by the financial authorities and the police. Although it may take time, we will clarify that the IPO process was conducted in compliance with laws and regulations.”
Meanwhile, Bang Si Hyuk is facing allegations of fraudulent unfair trading under the Capital Markets Act. He was recently summoned by the Financial Supervisory Service for questioning.
Source: (A)
