HYBE Chairman Bang Si-hyuk Re-summoned by Police Amidst Insider Trading Allegations

HYBE Corporation Chairman Bang Si-hyuk has been re-summoned by the police, just one week after his initial questioning. According to the Seoul Metropolitan Police Agency on the 22nd, the Financial Crimes Investigation Unit summoned Bang as a suspect for an investigation earlier that morning. This marks the second time Chairman Bang has been called in for questioning, following his first appearance on the 15th.

The allegations against Chairman Bang involve violations of the Capital Markets Act. It is suspected that in 2019, he informed HYBE investors that there were no immediate plans for an Initial Public Offering (IPO). Subsequently, he allegedly arranged for shares to be sold to a special purpose company (SPC) established by a private equity fund, in which HYBE executives had invested. Following the eventual IPO process, police believe Bang profited approximately 190 billion won (roughly $140 million USD) from the stock sale, according to the terms of his contract with the private equity fund.

During his first police investigation, Chairman Bang faced the press at a photo line, stating, "I apologize for causing concern due to my affairs," and "I will faithfully participate in the investigation." At a regular press briefing on the 22nd, the Seoul Metropolitan Police Agency confirmed the summoning of Chairman Bang, declining to comment on whether an overseas travel ban has been requested.

Bang Si-hyuk is the founder and current Chairman of HYBE Corporation, a major force in the global music industry. He is widely recognized as the architect behind the phenomenal success of the group BTS. His innovative approach to music production and business strategy has earned him international acclaim.