[theqoo] KIM JOON-DONG, WHO ORCHESTRATED BANG SIHYUK'S IPO FRAUD, DISAPPEARED FROM THE US AFTER POCKETING 100 BILLION WON

According to an exclusive report by The Korea Economic Daily, Kim Joong-dong, the former Chief Investment Officer (CIO) of HYBE, known to have led and planned the profit distribution through the company’s IPO along with HYBE Chairman Bang Sihyuk, has gone into hiding since June of this year, when the investigation into Chairman Bang began in earnest.

Kim, a US citizen, is said to be residing overseas and has not responded to requests for investigation from the police and financial authorities. As the person who oversaw projects bridging Bang Sihyuk and the capital markets, Kim reportedly earned an enormous profit of around 100 billion won ($70M) and is considered a key figure holding the critical clues to the case.

While four to five other suspects identified as Bang’s accomplices have each been questioned one or two times, Kim Joong-dongm, seen as the most important co-conspirator, left for the United States in June and has not complied with police summons since. That same month marked the beginning of the police’s full-scale investigation into alleged stock manipulation involving Bang Sihyuk and Kim Joong-dong, following raids on HYBE’s offices. Police are reportedly viewing Kim’s disappearance as a possible attempt to destroy evidence and evade investigation.

Kim’s firm, Easton Fund, is estimated to have purchased around 130 billion won ($90M) worth of shares and then, starting from HYBE’s IPO in October 2020, sold off all its holdings on the very first day of trading, earning roughly 600 billion won ($417M) in profit. Of that, about 190 billion won ($130M) allegedly went to Chairman Bang Sihyuk, who had reassured former shareholders and employees that “the company will never go public,” thereby allowing Kim to buy their shares at a bargain. Kim himself is said to have pocketed around 100 billion won.

So what happened to Easton Fund Equity Partners, the firm that reaped astronomical gains? The company shut down the very next year, in 2021, right after HYBE’s IPO. Up until then, Easton Fund had operated only two funds, Funds No. 1 and No. 2, both used solely to buy undervalued shares from HYBE’s former shareholders. It was essentially a fund created exclusively for Bang Sihyuk and his close associates to acquire HYBE stock cheaply.

After pressuring former shareholders to sell their shares to Easton Fund at low prices, Kim Joong-dong returned to HYBE as CIO in March 2020. He then accelerated the IPO process by submitting a preliminary listing application in May of that year.

source: https://www.mediawatch.kr/news/article.html?no=258236

original post: here

1. Wow this sucks, so Bang Sihyuk really hired everyone who were of the likes of him 

2. If we don't catch Bang Sihyuk, it basically means that we will let all economic criminals a pass

3. Why aren't we jailing him? All of them are scammers

4. Why can't we catch him?

5. 100 billion won...

6. So why can't we jail them...?

7. Wow this is legendary ㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋ

8. ㅋㅋㅋ People are always the most quiet in these types of articles ㅠㅠ

9. Wow... I'm freaking jealous 

10. All these articles around HYBE are so f*cking quietㅋㅋㅋㅋㅋ People are so transparent

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