The police have belatedly revealed that they imposed a journey ban on HYBE chairman Bang Si Hyuk throughout 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 accordance with 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 present buyers 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 goal firm (SPC) established by a personal fairness fund arrange by HYBE senior executives. The police are wanting into the likelihood that HYBE was already getting ready for an IPO (preliminary public providing) on the time.
After HYBE went public, the SPC bought the acquired shares, and Bang Si Hyuk allegedly acquired 30 % of the revenue underneath 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 rules on the time of the itemizing, and there aren’t any authorized points.”
Prime Picture Credit score: Xportsnews
