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14h ago

Bang Si-hyuk to Return to Korea to Cooperate With Probes Into Alleged Pre-IPO Trading

His return follows fraud charges by the Securities and Futures Commission, a police raid on Hybe’s Seoul headquarters and a National Tax Service audit of the company’s IPO

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BTS Label HYBE Boss Bang Si-Hyuk BREAKS Silence On IPO Fraud Probe, Issues Public Apology: Will Return To Korea And Cooperate
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Overview

  • In a company-wide email, Bang apologised for the confusion and concerns the allegations have caused among employees and artists.
  • He pledged to fully address accusations that he misled investors in 2019 by delaying IPO plans while secretly selling shares through a special purpose company.
  • The Securities and Futures Commission filed formal charges on July 16 and Seoul police raided Hybe’s headquarters on July 24.
  • On July 29, the National Tax Service launched its first audit of Hybe since 2022 to examine suspected tax evasion linked to the IPO.
  • Hybe has consistently denied any wrongdoing, asserting that its public listing complied with regulations and that it will support normal operations throughout the investigations.