Overview

• The FSS collected multiple documents indicating that in late 2019 Bang falsely told shareholders there were no plans to take HYBE public.
• He is accused of persuading investors to sell shares to a private equity fund managed by an associate in exchange for about 400 billion won and a 30% profit share.
• HYBE signed Ernst & Young as its underwriter in November 2019 and made its debut on the Korea Exchange in October 2020.
• Under Article 443 of the Capital Markets Act, a fraudulent act yielding over 5 billion won in profit carries a prison term of five years to life.
• HYBE denies any wrongdoing and insists legal experts oversaw all transactions as its stock price tumbled on news of the investigation.