Photo: HYBE

 

 

[Alpha Biz= Kim Jisun] SEOUL – The National Tax Service (NTS) has initiated a tax investigation into HYBE Corp., following fraud allegations involving its chairman, Bang Si-hyuk.



On July 29, NTS officials visited HYBE’s Seoul headquarters to secure documents and materials as part of a sweeping probe targeting “stock market tax evaders.” HYBE is reportedly among 27 companies and individuals under scrutiny for practices such as false disclosures to manipulate stock prices, predatory takeovers, and exploiting minority shareholders through corporate privatization schemes.



The move comes just days after police raided HYBE’s offices on July 24. Chairman Bang is accused of misleading early investors in 2019 by denying plans for an IPO, prompting them to sell their shares, while later proceeding with the listing and allegedly reaping multi-hundred-billion-won gains. He is also suspected of orchestrating sales of shares to a special purpose company (SPC) established by a private equity fund—one of whose directors is reportedly his acquaintance.



Authorities suspect Bang signed a secret agreement to share 30% of the SPC’s share-sale profits, raising concerns of undisclosed personal enrichment. The NTS investigation will focus on whether tax evasion occurred during these transactions.
 

 

 

 

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