Photo = Yonhap news

 

 

[Alpha Biz= Kim Jisun] A search and seizure warrant requested by police in connection with HYBE Chairman Bang Si-hyuk’s alleged violation of capital market laws has reportedly been rejected at the prosecution stage.



According to legal sources on June 15, the Seoul Southern District Prosecutors’ Office recently declined to pursue a warrant requested by the Financial Crimes Investigation Unit of the Seoul Metropolitan Police Agency targeting HYBE.



Chairman Bang is under police investigation on suspicion of fraudulent trading under the Capital Markets Act. Authorities allege that in 2019, he misled existing HYBE investors by falsely claiming there were no plans for an initial public offering (IPO), prompting them to sell their shares to a private equity fund established by an associate of Bang. HYBE later proceeded with an IPO, contrary to what had been communicated.



The Financial Supervisory Service is also conducting its own investigation into the matter.

 

 

 

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