[theqoo] HYBE UNDER PROLONGUED AND INTENSE SEARCH AND SEIZURE... SCOPE INCLUDES "ALL DEPARTMENTS REGARDLESS OF NAME"

 

Police investigating HYBE Chairman Bang Sihyuk over allegations of fraudulent and unfair trading continue to conduct a high-intensity search and seizure operation that is expected to last nearly a month.

The Financial Crimes Investigation Unit of the Seoul Metropolitan Police Agency began raiding HYBE’s headquarters in Yongsan District, Seoul, on June 24 and plans to continue the operation beyond the middle of this month.

Chairman Bang is suspected of deceiving existing investors, including venture capital firms, before HYBE’s IPO in 2019 by falsely claiming that there were no plans to go public. He is accused of then facilitating the sale of shares to a special purpose company (SPC) established by a private equity fund linked to himself.

According to the issued warrant, the search and seizure period spans almost a full month. The warrant allows the police to conduct raids at any time until August 16 if necessary.

Notably, the warrant also includes a clause permitting execution outside normal hours, meaning raids can take place before sunrise and after sunset. While Article 125 of the Criminal Procedure Act typically restricts nighttime search and seizure, those limitations do not apply in this case.

Additionally, the scope of the search is unrestricted. The warrant reportedly designates the search areas as “the Chairman’s office, the secretariat, finance, accounting, legal affairs, and any other department, regardless of name, where relevant materials may be stored.”

Effectively, this means the police are authorized to search any part of the company, making the breadth of this warrant exceptionally wide, a move described by observers as rare.

A police official commented, “This investigation appears to be accelerating in line with the new administration’s strong stance on punishing capital market manipulation.”

Previously, on July 11, President Lee Jaemyung visited the Korea Exchange and stressed, “We must make it clear that anyone who plays games with Korea’s stock market will face total ruin.”

Currently, the investigation into Bang Sihyuk’s alleged misconduct is being conducted simultaneously by both the police and the Financial Supervisory Service’s special judicial police, under the direction of both the police and the prosecution.

The aggressive nature of the search appears to reflect the police’s intent to take the lead in the investigation.

original post: here

1. Oho?

2. At this rate, it's just like a shared office. It's all coming up

3. They'll mainly dig into the financial side, but I hope they thoroughly investigate documents related to other affiliated idols' misconduct too

4. Of course they need to be fully emptied. Let's empty them from everything

5. This is the thing that intrigues me the most. How each label is giving them money

6. Ohㅋㅋㅋ

7. Farewell

8. Release the Katalks

9. I hope their sajaegi gets revealed tooㅋㅋ

10. HYBE, please failㅠㅠ

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