U.S. Embassy requests HYBE Chairman Bang’s journey restriction be lifted amid ongoing investigation

 

The U.S. Embassy in Korea has requested that HYBE Chairman Bang Si-hyuk, who’s beneath investigation and topic to a journey ban for allegedly deceptive traders and making almost 200 billion gained ($136 million) in private features, be allowed to go to the United States, in response to an area report on Sunday.

  

The embassy despatched a letter requesting cooperation to the Acting Commissioner General of the Korean National Police Agency Yoo Jae-seong, mentioned the Hankook Ilbo. It reportedly requested that key HYBE executives, together with Bang, CEO Lee Jae-sang and Vice President Kim Hyun-jung, be allowed to journey to attend occasions marking the 250th anniversary of U.S. independence on July 4 and deal with abroad enterprise wants, together with native coordination for BTS’s U.S. live shows as a part of its ongoing world tour.

 

 

Both the police officers and the Ministry of Foreign Affairs declined to remark right now.

 

Bang is accused of deceptive traders in 2019 by denying the corporate’s preliminary public providing (IPO) plans and persuading them to promote their shares to a particular function firm linked to a non-public fairness fund with which he was linked.

 

HYBE, then referred to as BigHit Music, went public in 2020. The personal fairness fund offered its shares after the IPO, and Bang allegedly pocketed roughly 30 p.c of the earnings, which amounted to round 190 billion gained, beneath a pre-existing deal.

 

Bang has since been summoned for questioning 5 instances by the Seoul Metropolitan Police Agency, referred to prosecution on expenses of violating the Financial Investment Services and Capital Markets Act and positioned beneath a journey ban. 

 

The police on April 13 acknowledged that “the investigation is in its final stages.”

This article was initially written in Korean and translated by a bilingual reporter with the assistance of generative AI instruments. It was then edited by a local English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.

BY KO SEUNG-PYO [[email protected]]