https://m.entertain.naver.com/now/article/009/0005567901
According to MBN on the 1st, the Seoul Metropolitan Police Agency's Financial Crimes Investigation Unit has imposed a travel ban on Chairman Bang Sihyuk on suspicion of violating the Capital Markets Act.
Chairman Bang Sihyuk is suspected of violating the Capital Markets Act by allegedly misleading HYBE investors in 2019 that there were no plans for an IPO (Initial Public Offering),then directed them to sell their shares to a SPC (Special Purpose Corporation) established by a private equity fund funded and set up by HYBE's executives.
Financial authorities determinend that the investors sold their shares based on Chairman Bang Sihyuk's statement, but HYBE was actually in the process of taking preliminary IPO steps at the time.
After the IPO process began, the SPC sold the shares. Chairman Bang Sihyuk is reported to have gained profits of about 190 Billion KRW, receiving 30% of the sales profit based on a private contract he previously made with the SPC.
The Capital Markets Act prohibits obtaining financial gain through false statements or fraudulent schemes related to financial investment products, including unlisted shares. Violations of this act resulting in a profit over 5 Billion KRW can lead to a sentence of life imprisonment or >5 years in prison.
While Chairman Bang Sihyuk's side denies the allegatioins, stating that the listing process was conducted with laws and regulations, the Seoul Metropolitan Police Agency's Financial Crime Investigation Unit questioned him twice as a suspect, on September 15 and 22.
Before the questioning on the 15th, Chairman Bang Sihyuk stated, "I'm sorry for causing concerns due to my personal matter. I will sincerely cooperate with the investigation."
-He should go to jail.
-ㅋㅋㅋㅋ Congratulations🥳
-Justice!!!
-Just how much did he embezzle that he got a travel ban?
-Guess he can't go to the U.S. nowㅋㅋ
-Would an innocent person get travel-banned?
-We need to see if they investigate him thoroughly.
-Finally.
-Good. I hope they expose everything.
-Life imprisonmentㄱㄱ
