The exterior of K-pop giant Hybe’s headquarters in Seoul. (Image courtesy of Yonhap)
SEOUL, July 24 (Korea Bizwire) — Police investigating allegations of fraudulent stock deals by Bang Si-hyuk, chairman and founder of K-pop powerhouse Hybe, raided the company’s headquarters in Seoul on Thursday.
The Seoul Metropolitan Police Agency said it sent investigators to Hybe’s head office in the Yongsan district in the morning to seize materials related to the allegations.
Bang is accused of misleading investors in 2019 into believing that Hybe had no plans to go public and inducing them to sell their shares to a private equity fund created by Hybe executives.
Police suspect that Bang eventually proceeded with an initial public offering and made about 190 billion won (US$140 million) in illicit profits, including 30 percent of stock sale profits from the private fund.
(Yonhap)
