Police said they will refer the case involving Bang Si-hyuk to prosecutors this week, moving the HYBE Chairman’s share-sale case into its next legal stage. Hong Seok-ki said on Oct. 31 that he had been briefed the case was right before referral.
Hong said, “We plan to refer the case this week, and the decision on custody will come at that time.” Police suspect Bang of telling investors in 2019 that HYBE had no IPO plans, then inducing them to sell stakes to a private equity fund.
190 billion won and 30%
Police believe Bang improperly pocketed 190 billion won, or 30% of the sale proceeds, under an undisclosed contract with that fund. They also concluded that he was involved in setting up and operating the fund, which was capitalized by HYBE executives.
The case centers on what police say happened after HYBE listed in 2022. Investigators believe the fund later sold large blocks of shares, turning the earlier stake sales into the basis for the alleged profit.
Hong Seok-ki’s briefing
Hong said the review committee resolved to conclude the case within a month. He also said there had been a wait because a request for an investigation review committee was filed during the process.
He added, “From the investigative agency's standpoint, there were 13 items under investigation, and unlike how it looks from the outside, there was a great deal to substantiate.” He said, “That is what stretched out the timeline. Of course, from the perspective of those who filed the complaints, it has been more than 11 months, so I think they can file a grievance.”
Custody decision this week
The referral means prosecutors will review the case as police move toward a custody decision at the same time. For Bang, the immediate issue is whether the case advances with a detention request or proceeds in another form after referral.
