The Financial Services Commission’s Securities and Futures Commission (SFC) has filed a criminal complaint against Bang Sihyuk, Chairman of HYBE, over allegations of fraudulent and unfair trading.
Today (July 16), the SFC held its 14th regular meeting and announced that it would refer HYBE’s largest shareholder and several former executives to the prosecution for violating Article 178 of the Capital Markets Act, which prohibits fraudulent trading activities. The charges involve deceiving existing shareholders and using a private equity fund scheme. This is the highest level of disciplinary action that financial authorities can impose, and it marks the first time under the Lee Jaemyung administration that such sanctions have been applied to a corporate owner-level figure.
According to the SFC, Bang and the former executives are accused of misleading existing shareholders during HYBE’s (then BigHit Entertainment) IPO process by suggesting the listing would be delayed. As a result, shareholders sold their shares to a special purpose company (SPC) established by a private equity fund. That fund was created and managed by an investment firm funded and founded by HYBE executives.
At the time, Bang Sihyuk signed a contract with the fund to share 30% of the profit from the stock sale and is suspected of receiving about 400 billion KRW (approximately $290 million USD) in unjust gains.
This contract was not disclosed in HYBE’s securities filing during the 2020 IPO, and Bang concealed his connection to the private equity fund set up by company executives.
The Financial Services Commission stated,
"We plan to fully cooperate with the prosecution’s investigation to thoroughly uncover the facts behind these allegations," and emphasized, "We will rigorously investigate and respond firmly to any violations found, in order to uphold the integrity of capital market trading."
original post: here
1. Who'd knew I'd live to witness thisã…‹ã…‹ã…‹... sigh
2. He's probably going to jail
3. Let's go to jail
4. For real, looks like he's gonna get hit with a f*cking harsh punishment as an example. The president already said there'd be no mercy, now it's really happening
5. Give back the National Pension money f*cker, how dare you mess with the public's money?
6. It's good karma~
7. He was playing under the sky as if the whole world was his
8. Spit out everything
9. Let's empty all his pockets and send him to jail
10. Are the number of comments here for real?... Usually, there are at least 1,000 comments on hate posts.. (T/N: there are currently almost 500 comments)
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