HYBE chairman Bang Si Hyuk is set to appear before police on September 15 at the Seoul Metropolitan Police Agency for questioning over IPO fraud allegations.
This will be his first direct investigation appearance, with reports suggesting he may face the press upon arrival.
Bang is accused of violating the Capital Markets Act by misleading investors in 2019, allegedly denying IPO plans while HYBE was already preparing for one. Investors then sold their shares to a special purpose company backed by HYBE executives, and Bang is suspected of profiting about 190 billion KRW (≈ USD 138 million) from the process.
Authorities have since raided HYBE headquarters, launched a tax audit, and handed the case to the Financial and Securities Crimes Division. Bang has pledged to fully cooperate, stating he hopes the investigation will clarify the truth.