Police Say Bang Si-hyuk Will Be Referred to Prosecutors This Week as Third Arrest Warrant Draws Attention

South Korean police say they will refer HYBE Chairman Bang Si-hyuk to prosecutors this week, bringing the investigation into alleged investor deception during the company’s listing process to a referral stage.

Hong Seok-ki, chief of the National Investigation Headquarters, told a regular news briefing in Seoul that he had been informed the case was “almost at the point of referral.” He said the referral would take place within the week.

Police also indicated that the decision on Bang’s detention could become known when the case is transferred. Hong said an arrest warrant application might be disclosed at the time, including whether investigators had sought a warrant for Bang’s detention.

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I was told that we are almost at the point of referral.

Investigators accuse Bang of misleading existing investors in 2019, before HYBE’s initial public offering, by telling them there were no plans for a listing. He allegedly then encouraged them to sell their shares to a private equity fund established by an acquaintance.

The financial crimes investigation unit of the Seoul Metropolitan Police Agency is examining the alleged conduct and a confidential agreement Bang made with the private equity fund after the listing.

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We will refer the case this week.