Seoul Metropolitan Police Chief Park Jeong-bo announced that investigators are finalizing the case against HYBE Chairman Bang Si-hyuk over allegations of fraudulent insider trading. The probe, which centers on claims of improper dealings, will conclude shortly.
Investigation Update
During a regular briefing on October 20, Park stated, “The probe into Chairman Bang is in its final review stages right now.” He added that authorities will wrap it up soon, focusing resources efficiently in non-urgent periods.
Denial of Overseas Travel Coordination
Addressing rumors of collaboration with the U.S. Department of Justice on Bang’s international travel, Park clarified, “No such internal directives have been received.” He emphasized, “Any prior communications during the investigation do not constitute formal Seoul directives,” noting that inter-departmental requests typically assess situations procedurally.
Park also referenced a recent court decision lifting a travel ban for a suspect, stating that investigators would review submissions based on timing if internal details emerge.
U.S. Cooperation Context
The U.S. Embassy in Seoul disclosed that it supports visits by HYBE executives, including Bang, amid ongoing cooperation with major investigations. This includes participation in the July 4 U.S. 250th Independence Day events and BTS world tour activities, which proceeded as planned.
Case Background
Authorities conducted searches and seizures targeting Bang last August. Since 2019, prior to HYBE’s IPO, he has faced scrutiny for allegedly providing false information to the former CEO and venture capitalists about lacking entrepreneurial equity, while reportedly steering excessive investments toward private equity firms.
