The exterior of K-pop giant Hybe’s headquarters in Seoul. (Image courtesy of Yonhap)
SEOUL, May 28 (Korea Bizwire) — Bang Si-hyuk, founder and chairman of the powerhouse K-pop entertainment company Hybe, has been under investigation over charges that he intentionally misled investors ahead of the company’s stock market debut, industry sources said Wednesday.
According to the sources, the Financial Supervisory Service (FSS), the country’s financial watchdog, has been probing Bang on speculation that he had sought to list Hybe on the stock market while stressing that there was no plan for Hybe’s initial public offering (IPO).
The sources said Bang signed a deal with private equity funds in 2020 to share a portion of the gains from the Hybe’s IPO, and the Hybe chairman received some 400 billion won (US$291.3 million).
But in 2019, Bang said to investors that Hybe’s stock market listing was impossible while applying for a designated external auditor for its IPO, according to the sources.
Hybe, listed on the Korean stock market in October 2020, closed at 265,000 won Wednesday, down 7.33 percent from the previous session’s close.
(Yonhap)
