Police have sought an arrest warrant for Bang Si-hyuk, chairman of HYBE, over alleged fraudulent practices ahead of the company’s IPO.

Authorities suspect that in 2019 he misled investors by denying plans for a public listing, encouraging them to sell shares to a related private equity fund, and later proceeding with the IPO.

Police believe he benefited from a portion of post-listing profits through prior agreements. Such actions may violate capital market laws that prohibit deceptive practices for financial gain.

The investigation has lasted over a year, involving searches, multiple interrogations, and asset freezes. The prolonged probe has also sparked criticism over its pace.

Bang has denied wrongdoing, stating that all procedures followed legal requirements. He expressed regret over the warrant request and pledged to cooperate fully with legal proceedings.

Prosecutors will now decide whether to formally request the warrant, after which a court hearing will determine detention.

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