Korean authorities received a formal request from the US Embassy in Seoul to lift travel restrictions on HYBE Chairman Bang Si-hyuk and key executives, despite an active investigation into alleged stock manipulation.
Embassy’s Cooperation Letter
On April 19, the embassy sent a letter to the acting national police chief, pressing for approval of US visits by top HYBE leaders. The executives named include Chairman Bang Si-hyuk, CEO Lee Jae-sang, and Executive Vice President Kim Hyun-jung.
The request cites critical commitments, such as attending the United States’ 250th Independence Day events on July 4 and overseeing BTS’s US leg of their world tour. Sources confirm these obligations require the executives’ direct involvement to minimize disruptions for American stakeholders.
Details of the Investigation
Investigators imposed a departure ban on Bang Si-hyuk after raiding HYBE offices over suspicions of fraudulent trading. Authorities conducted five summonses of the chairman and now review intensive bail conditions.
The probe focuses on events before HYBE’s public listing. Officials allege Bang shared information with existing investors and venture capital firms indicating no IPO plans, while guiding a private equity fund operated by associates to invest aggressively, breaching capital markets regulations.
Impact on HYBE Operations
HYBE faces heightened scrutiny as it balances global tours and major events. The company’s BTS subunit drives significant US economic activity, underscoring the embassy’s push for swift resolution.
