Financial authorities in South Korea have decided to file a complaint with the prosecution against Hybe Chairperson Bang Si-hyuk on charges of fraud, according to a local media report on Wednesday.
Bang is being investigated by the Financial Supervisory Service over allegations he misled investors over the K-pop behemoth’s initial public offering plans.
Hybe, formerly Big Hit Entertainment, reconfirmed its position that it committed no wrongdoings on Wednesday, adding it is fully cooperating with authorities, along with another apology for raising concerns over IPO issues.
The financial regulator says it has secured evidence that Bang misled investors in 2019 and pocketed 200 billion won ($145 million) when the company went public. If the decision for the complaint is finalized at the commission’s regular session next week, Bang will be hit with the most serious sanction for an individual in breach of the capital market law.
