Police seek arrest warrant for Hybe chairman over alleged unfair stock tradingnewsline24

Police said Tuesday they have filed for an arrest warrant for Bang Si-hyuk, the chairman and founder of K-pop powerhouse Hybe, on suspicions of unfair stock trading.

Bang has been under investigation over allegations that he deceived investors in 2019 into selling their shares in Hybe before the company held an initial public offering, through which he pocketed nearly 200 billion won (US$135.9 million) in illegal profits.

The Seoul Metropolitan Police Agency said its request for a warrant is based on suspicions of fraudulent trading under the Capital Market Act.

Under that law, a person found guilty of making 5 billion won or more in profits by lying about financial investment products is punishable by life imprisonment or a prison term of at least five years.

Bang’s side has denied the allegation, saying the IPO had followed the law and regulations.

In a statement released after the announcement, the chairman said it was “regrettable” that an arrest warrant was requested despite his “faithful cooperation” with the investigation.

“I will continue to explain myself to the best of my ability by faithfully engaging in future legal proceedings,” he said through his lawyer.

The request for the warrant was filed with the Seoul Southern District Prosecutors Office. In the event prosecutors decide to seek an arrest, a court will typically hold an arrest warrant hearing for the suspect within three days.

Police first received a tip-off on the allegations in late 2024 and proceeded to raid the Korea Exchange and Hybe’s headquarters the following year.

Bang was also banned in August from leaving the country, leading to various restrictions on his activities.

The U.S. Embassy in Seoul recently sent a letter to the police agency asking that it allow him to travel to the U.S. to take part in K-pop supergroup BTS’ world tour.

Copyright (c) Yonhap News Agency prohibits its content from being redistributed or reprinted without consent, and forbids the content from being learned and used by artificial intelligence systems.