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South Korea Refers HYBE Chairman Bang Si-Hyuk to Prosecutors Over IPO Allegations

South Korean officials refer HYBE chairman Bang Si-Hyuk to prosecutors over IPO-related allegations.

South Korea’s financial watchdog has decided to refer Bang Si-hyuk, chairman and founder of K-pop powerhouse HYBE, to prosecutors over allegations that he misled investors ahead of the company’s initial public offering (IPO). Bang is accused of falsely assuring early investors that the company had no plans to go public, persuading them to sell their shares to a private equity fund allegedly controlled by one of his associates. Authorities allege that Bang ultimately gained about 400 billion won (approximately $291 million) through the undisclosed deal, reportedly receiving a 30% stake in the profits from the private fund.

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