Bang Si-hyeok arrest warrant denied twice.. Police "considering whether to reapply"

*This content was translated by AI.

The police stated that they will analyze the reasons for the two rejections of the arrest warrant for HYBE Chairman Bang Si-hyeok, who is suspected of deceiving investors and securing illegitimate profits ahead of the company's IPO, and will decide on the future direction of the investigation accordingly.

Seoul Metropolitan Police Agency Chief Park Jeong-bu said at a regular press conference held on the 18th regarding the investigation into HYBE, "We will review whether there are any supplements needed in the records and, respecting the Prosecution Service's opinion, we will comprehensively consider whether to reapply for the warrant."

Regarding the reapplication of the warrant, he stated, "We have not done so yet." When asked if they had missed the timing for the warrant application, he replied, "The police did their best. While the Prosecution Service and we may have different views, we believe the police did their best."

The Seoul Metropolitan Police Agency's Financial Crime Investigation Division applied for an arrest warrant against Chairman Bang, who is suspected of fraudulent trading, on April 21. However, the Prosecution Service rejected the warrant on the 24th of the same month, requesting further investigation.

Subsequently, the police re-applied for the warrant on the 30th of last month, but the Prosecution Service again denied the request, stating, "After reviewing the re-applied arrest warrant, we found that the contents requiring further investigation were not fulfilled."

Meanwhile, Chairman Bang is suspected of deceiving HYBE investors in 2019, about a year before HYBE's listing, by claiming there were no plans for a stock listing, causing them to sell HYBE shares to a specific private equity fund, and then proceeding with the listing. The police believe that Chairman Bang secured illegitimate profits of approximately 190 billion won, which is 30% of the sales proceeds after the listing, through a non-disclosure agreement with the private equity fund.

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*This content was translated by AI.