Overview

• The FSS has completed its probe and will fast-track a referral to prosecutors on allegations of securities fraud against Bang Si-hyuk.
• Investigators allege Bang misled early shareholders in 2019 by denying plans for an IPO while secretly arranging the public listing.
• Evidence includes documents showing Bang secured 30 percent of profits from a private equity fund that bought shares at depressed prices.
• Prosecutors could charge him under Article 443 of the Capital Markets Act, which carries prison terms of five years up to life.
• The Seoul Metropolitan Police Agency’s Financial Crime Investigation Unit is conducting a parallel probe as HYBE maintains all transactions were legally vetted.