South Korean police are considering whether to re-file an arrest warrant for HYBE Chairman Bang Si-hyuk, who is accused of making hundreds of billions of won in illicit gains by misleading investors ahead of the company’s IPO. The Seoul Metropolitan Police Agency’s Financial Crime Investigation Unit had filed a warrant request on April 21, but it was returned by the Seoul Southern District Prosecutors’ Office on April 24, with prosecutors demanding supplementary investigation.
Bang is alleged to have told existing investors in 2019 that the company had no plans to go public, inducing them to sell their stakes, while secretly advancing the listing process. He denies all allegations, but police believe he secured approximately 190 billion won in illicit gains. The investigation has been ongoing for over 16 months, with diplomatic considerations also playing a role, including a letter from the U.S. Embassy in Seoul requesting the travel ban on Bang be lifted.
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