HYBEBang Chairman Si Hyuk under investigation for third time by police... Suspicion of illegal profits of 19 billion yen

It has been confirmed that HYBE's chairman, Bang Si Hyuk, is currently under police investigation for allegedly making 190 billion won (approximately 19 billion yen) in illegal profits during the HYBE IPO process.
According to KBS on the 5th, Chairman Bang attended the Financial Crimes Investigation Unit of the Seoul Metropolitan Police Agency in Mapo-gu, Seoul from the morning of the same day and is undergoing investigation.
In 2019, before HYBE went public, Chairman Bang had been discussing the company's IPO with existing HYBE investors, including venture capitalists.
He is accused of falsely claiming that he had no plans to sell his shares to a special purpose corporation established by a private equity fund connected to him. Chairman Bang then proceeded with the IPO and received the proceeds from the sale from the private equity fund.
It is understood that they received 190 billion won in illegal profits, including 30 percent of the profits. In response, HYBE released an official statement on the 9th, saying, "Regarding the case currently being raised,
"We are actively cooperating with the financial authorities and police in their investigation of the facts, including submitting detailed explanations and related documents," the company said. "Even if it takes some time, we will ensure that the listing at that time is carried out in compliance with laws and regulations."
The investigation on this day is expected to be the final hurdle to determine whether Chairman Ban will be arrested, and there is much interest in the outcome.
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