The police have belatedly revealed that they imposed a journey ban on HYBE chairman Bang Si Hyuk in the course of the ongoing investigation into his suspected fraudulent buying and selling.
On October 1, the Monetary Crimes Investigation Unit of the Seoul Metropolitan Police Company introduced that Bang Si Hyuk, who’s at the moment being investigated for a suspected violation of the Capital Markets Act, had been barred from leaving the nation.
In response to the police, the journey ban was imposed instantly after Bang Si Hyuk returned from a enterprise journey to america on August 11.
Final month, Bang Si Hyuk was summoned twice for questioning as a suspect by the police: as soon as on September 15 and as soon as on September 22.
Earlier in the summertime, the police started investigating Bang Si Hyuk for allegedly violating the Capital Market Acts by deceptive current traders in 2019 by falsely claiming that there have been no plans for HYBE to go public, inducing them to promote their shares to a particular function firm (SPC) established by a personal fairness fund arrange by HYBE senior executives. The police are wanting into the chance that HYBE was already getting ready for an IPO (preliminary public providing) on the time.
After HYBE went public, the SPC offered the acquired shares, and Bang Si Hyuk allegedly obtained 30 % of the revenue beneath a prearranged settlement, pocketing roughly 190 billion received (round $135 million).
HYBE beforehand responded to the allegations by stating, “We complied with all related legal guidelines and laws on the time of the itemizing, and there aren’t any authorized points.”
Prime Picture Credit score: Xportsnews
