Seoul: Bang Si-hyuk, the chairman of K-pop giant Hybe, appeared for his second police questioning session on Monday concerning allegations of obtaining approximately 190 billion won (US$136 million) in unfair profits during the company's listing process. The questioning took place at the Seoul Metropolitan Police's office in western Seoul, where Bang was interrogated as a suspect regarding potential violations of the Capital Market Act. This follows his initial questioning last Monday over the same allegations.
According to Yonhap News Agency, the questioning lasted for 12 hours and 30 minutes. Bang left the building at around 10:30 p.m., swiftly exiting under the protection of his bodyguards and entering his vehicle without responding to questions from reporters. The allegations stem from suspicions that Bang misled investors in 2019 by denying any plans for an initial public offering (IPO) for Hybe. This allegedly led investors to sell their shares to a special purpose company (SPC) linked to a private equity fund associated with him.
It is suspected that Hybe was already preparing to go public at that time, and the police believe Bang made significant profits when the SPC sold its shares once the IPO was executed. The investigation into this case began late last year. In June, police conducted a search of the Korea Exchange to seize documents related to Hybe's listing, followed by a raid on Hybe's headquarters the following month.