Police to Send Case Against HYBE Chairman Bang Si-hyuk to Prosecutors

Referral on Bang expected within this week Case involving independent lawmaker Kim Byung-kee "Nearing completion, referral to come soon"

Hong Seok-ki, head of the National Office of Investigation at the Korean National Police Agency, told a press briefing at the agency's headquarters in Seodaemun-gu, Seoul, on Oct. 31 that he had "been briefed that the case is right before referral." On whether Bang would be detained, Hong said, "We plan to refer the case this week, and the decision on custody will come at that time."

Bang is suspected of telling investors in 2019 that Hybe had no IPO plans, inducing them to sell their stakes to a particular private equity fund. That fund sold large blocks of shares after Hybe's 2022 listing. Police believe Bang improperly pocketed 190 billion won, or 30% of the sale proceeds, under an undisclosed contract with the fund. They also concluded that Bang was involved in setting up and operating the fund, which was capitalized by Hybe executives.

Police said they would also soon conclude the case involving Kim. "I've been briefed that it will wrap up soon," Hong said. "There appears to have been a wait because a request for an investigation review committee was filed during the process. I understand it will come out shortly."

Hong denied suggestions that police were deliberately delaying the investigation until the launch of the new prosecution service. "Considering that the review committee resolved to conclude the case within a month, you can expect it to be referred very soon," he said.

Asked about a former aide who exposed various allegations of misconduct by Kim and has petitioned the National Police Commission to launch inspections of current and former heads of the National Office of Investigation, Hong said, "From the investigative agency's standpoint, there were 13 items under investigation, and unlike how it looks from the outside, there was a great deal to substantiate." He added, "That is what stretched out the timeline. Of course, from the perspective of those who filed the complaints, it has been more than 11 months, so I think they can file a grievance."

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Original reporting by Yang Ji-hye for Seoul Economic Daily.

AI-translated from Korean. Quotes from foreign sources are based on Korean-language reports and may not reflect exact original wording.

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