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HYBE Chairman Bang Si-hyuk Investigated by South Korean Regulators Over $285M IPO Profit
HYBE chairman Bang Si-hyuk is being investigated by Korean regulators over over allegations he made $285 million from the company’s IPO.
South Korea’s Financial Supervisory Service is investigating HYBE and its chairman, Bang Si-hyuk, over allegations he earned $285 million from the company’s 2020 initial public offering through profit-sharing deals with three large shareholders. In a statement posted to HYBE’s investor relations website on Friday (Nov. 29), the company confirmed the existence of a shareholder agreement but dismissed the notion that Bang broke any securities law. The Korea Economic Daily article contended the drop-off was “largely driven” by the private equity fund’s “massive selloff” of Big Hit shares after the IPO.
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