HYBE Chairman Bang Si-Hyuk Promises To 'Faithfully Cooperate' In IPO Fraud Investigation, Appears Before Police

HYBE

chairman Bang Si Hyuk appeared before police on September 15 (today) for investigation in the Capital Markets Act case. Upon arriving at the Seoul Metropolitan Police Agency’s Financial Crimes Investigation Unit in connection to the case involving fraud transaction, Bang 'apologised' in front of the reporters.

Bang Si Hyuk arrives at Financial Crimes Investigation Unit

HYBE chairman addressed reporters as he appeared before the police at the Seoul Metropolitan Police Agency’s Financial Crimes Investigation Unit. He said, "I sincerely apologize for causing concern with this matter. I will faithfully cooperate with today’s investigation," which instantly made headlines ahead of the inquiry.ALSO READ: BTS' RM, J-Hope, V Turn Tyler The Creator's Seoul Concert Into Their Own Show; Dance, Giggle With CORTIS' James - All Photos, VideosAs per the Capital Markets Act, a person found guilty of making 5 billion won or more in profits by lying about financial investment products is punishable by life imprisonment or a prison term of at least five years.

More about the accusation

For the unversed, Bang is suspected of misleading investors in 2019 that he had no intention of holding an IPO for HYBE before pressuring them to sell their stock to a special purpose company (SPC) that HYBE executives had founded.On August 6, Bang Si-Hyuk sent an email to all HYBE employees, the agency behind BTS. The company long email letter focused on Bang's intent to return to Korea in order to become part of the ongoing investigation.On July 23, police started search and seizure at HYBE headquarters. They are set to conduct additional searches until August 16.