Bang Si-hyuk, Chairman of HYBE, speaks during a debate hosted by the Kwanhun Club in Seoul on March 15, 2023. [REUTERS/YONHAP]
Prosecutors once again rejected a police request to issue an arrest warrant against HYBE chairman Bang Si-hyuk, who has been accused of defrauding investors into selling their shares ahead of the company’s initial public offering.
The Seoul Southern District Prosecutors’ Office said Thursday that its bureau dedicated to investigating financial and securities crime had denied the renewed warrant request from the the Seoul Metropolitan Police Agency’s unit of financial crimes.
On April 30, police had reapplied for the arrest warrant on charges of fraudulent and unfair trading under the Financial Investment Services and Capital Markets Act, six days after prosecutors initially rejected the request, citing the need for further investigation.
“The review found that the supplementary investigation we had previously requested had not been carried out,” prosecutors said in their explanation for the rejection.
Police said they had “no additional comment” on the decision.
This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
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