Bang Si-hyuk, Chairman of HYBE. (Photo courtesy of Yonhap News Agency)

 

 

[Alpha Biz= Paul Lee] The U.S. Embassy in Seoul has reportedly requested cooperation from South Korean authorities to allow Bang Si-hyuk, Chairman of HYBE, to visit the United States despite an ongoing exit ban tied to a police investigation.

According to police sources on February 19, the embassy recently sent an official letter to the National Police Agency, requesting that Bang and other senior HYBE executives—including CEO Lee Jae-sang and Vice President Kim Hyun-jung—be permitted to travel to the U.S.

The request reportedly cited participation in events marking the 250th anniversary of U.S. Independence Day on July 4, as well as support activities for BTS, which is currently on a global tour including U.S. stops.

 

Photo courtesy of HYBE

Bang is currently under an exit ban imposed by police as part of an investigation into alleged fraudulent and unfair trading practices. Authorities have questioned him five times and are conducting a final legal review of the case.

He is suspected of violating capital market laws by allegedly misleading existing investors and venture capital firms ahead of HYBE’s 2019 initial public offering, suggesting there were no plans to go public while facilitating the transfer of shares to a private equity fund established by an acquaintance.

 

 

 

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