HYBE Chairman Bang Si Hyuk appears at police station for second time on suspicion of fraudulent trading... Officials say ”There are some things to check”

Bang Si Hyuk, chairman of the entertainment agency HYBE, has once again appeared before the police on suspicion of violating the Capital Markets Act. Bang Si Hyuk appeared before the Financial Crimes Investigation Unit of the Seoul Metropolitan Police Agency at 10 a.m. on the 22nd.
Bang Si Hyuk is currently under investigation as a suspect. This means he will be making two public appearances. A Seoul Metropolitan Police Agency official said at a regular press conference on the same day, "From 10 a.m., Bang Si Hyuk will be investigated."
"We are currently investigating the suspect, analyzing seized items, and investigating those involved. There are some points that need to be confirmed, and a secondary investigation is underway," the company said.
Bang Si Hyuk is accused of violating the Capital Markets Act.
Before HYBE went public, he falsely told existing HYBE investors, including venture capitalists, that he had no plans for an IPO, and in return, he used a special purpose corporation established by a private equity fund related to him.
Bang Si Hyuk is accused of urging the company to sell its stake to the private equity fund. After that, Bang Si Hyuk proceeded with the company's public offering and received 30% of the profits from the sale from the private equity fund.
At the time, HYBE said, "The largest shareholder appeared before the Financial Supervisory Service and actively denied any attempt to pursue profits on the basis of listing.
We respect the decision of the financial authorities and will do our best to more proactively explain the related suspicions in future investigations and restore the trust of the market and stakeholders.
However, in July, police raided the Korea Exchange in Yeongdeungpo-gu, Seoul, and the HYBE headquarters in Yongsan-gu, Seoul.
Bang Si Hyuk was indicted and is under investigation by the Securities and Futures Commission under the Financial Services Commission on suspicion of violating the prohibition on fraudulent trading activities under the Capital Markets Act.
In response, Bang Si Hyuk was questioned by police on the 15th at the Seoul Metropolitan Police Agency's wide-area investigation station in Mapo-gu, Seoul.
Bang Si Hyuk, dressed in a suit, appeared at the scene and finished the investigation in about 13 hours and 48 minutes. Bang Si Hyuk remained silent in response to questions from reporters and left the scene.
Meanwhile, Bang Si Hyuk has completely denied the charges of violating the Capital Markets Act.