The Financial Supervisory Service’s Capital Market Special Judicial Police has launched a mandatory investigation into Chairman Bang Si-hyuk
Bang Si-Hyukis accused of defrauding investors and reaping illicit profits during the Hybe IPO process.
The FSS’s special judicial police reportedly raided Chairman Bang’s residence, the Hybe headquarters office in Yongsan, Seoul, and the offices and offices of his alleged co-conspirators.
The special police are investigating emails and meetings exchanged between Chairman Bang and executives to determine whether any illegal activities occurred during the IPO process.
The investigation into Chairman Bang is being conducted by two separate entities: the FSS’s special judicial police and the police.
Chairman Bang is accused of deceiving Hive investors in 2019, prior to the IPO, of having no plans to list shares, and then selling their shares to a private equity fund, which subsequently went public.
Police are currently investigating, believing Chairman Bang received a 30% cut of the sale profits, resulting in approximately 190 billion won in illicit profits.
Police recently obtained a court order to seize and preserve 156.8 billion won worth of Hybe stocks held by Chairman Bang before indictment.
When news of Chairman Bang’s seizure and preservation was first reported, a Hybe representative told Xports News:
“Seizure and preservation are routine procedures and not a determination of guilt or innocence. We have faithfully participated in the investigation and provided explanations, and are awaiting the investigative authorities’ decision.”
Source: Xport News
