Overview
- Prosecutors in Seoul rejected a renewed police bid to arrest Bang Si-hyuk on Thursday, saying required follow-up investigation was still missing.
- Police had reapplied after an April 24 denial, refiling the warrant request last week following prosecutors’ call for more evidence.
- Investigators say Bang told some shareholders in 2019 there were no IPO plans and steered their pre-IPO shares to a linked fund, then shared in post-listing gains.
- Authorities estimate illicit proceeds at roughly 260 billion won, including an alleged 30 percent cut of the fund’s capital gains of about 190 billion won.
- Bang denies wrongdoing and remains under a travel ban imposed in August, and the U.S. Embassy recently asked police to let him travel for BTS tour duties.