For those unaware, he was questioned twice this month and the previous dates include October 15 and 22. He has been accused of indulging in fraudulent and unfair trading under the Capital Markets Act. Moreover, the questioning is also around the allegations of him misleading the investors by denying any plans for an IPO. He allegedly asked the investors to sell their shares in HYBE to a private equity fund (PEF) he is associated with.
At that time, HYBE was quietly laying the groundwork for its public listing. As a result, when the company finally moved forward with its IPO, Bang was said to have profited through an agreement that granted him 30% of the returns from the private equity fund. This was allegedly an arrangement that was never revealed during the IPO.
Moreover, an official email from his email address went to the employees to assure them that he would cooperate with the investigators. He penned, “Over the last year, much has been said and written about me in the press. Increasingly, I believe these events are causing confusion and concern for you, as well as our artists, fans, and partners… I will fully and transparently work with investigators and put these allegations to rest,” Bang said and then added, “In particular, I feel a deep sense of regret knowing that our members and artists, who should be focused solely on their creative and professional goals, might be suffering because of this situation … I understand how my absence may have contributed to confusion and frustration.”
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