Police Applies For An Arrest Warrant Against Bang Si Hyuk, His Lawyer Responds
Police have applied for an arrest warrant against Bang Si Hyuk, who is suspected of engaging in fraudulent unfair trading.
On the 21st of April, the Financial Crimes Investigation Unit of the Seoul Metropolitan Police Agency announced that it had requested a warrant on charges of fraudulent transactions.
Later, Bang’s lawyer told SPOTV News, “It is regrettable that an arrest warrant has been requested despite our client’s long-term, faithful cooperation with the investigation,” adding, “We will diligently participate in future legal procedures and do our best to clarify the situation.”
Bang is accused of telling investors in 2019 that there were no plans for an IPO, then inducing them to sell their shares to a specific private equity fund. However, it is alleged that HYBE was actually proceeding with pre-IPO procedures at the time, leading investors—who trusted his statements—to sell their holdings.
He is also suspected of gaining approximately 190 billion won (about 129 million USD) in illicit profits through a prior shareholder agreement with the private equity fund during this process.
In response, police imposed a travel ban on Bang last year and have conducted five rounds of questioning.
Source: (A)
