The Seoul Metropolitan Police Agency said it had requested an arrest warrant for Bang through the Seoul Southern District Prosecutors’ Office, citing alleged fraudulent stock trading in violation of the Capital Markets Act.
The case took on a diplomatic edge after the US embassy in Seoul reportedly asked South Korean authorities to allow Bang to travel to the US while he remained under investigation.
For the past 16 months, police have been looking into claims that in 2019, Bang misled investors into selling their Hybe shares to a private equity fund allegedly linked to him, ahead of the company’s initial public offering.
The original shareholders were allegedly not informed of the IPO plan, which materialised about a year later, potentially depriving them of the opportunity to sell their shares at higher prices.
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