The situation
The investigation into HYBE chairman Bang Si Hyuk's alleged fraudulent trading has stalled due to a lack of evidence. Prosecutors are struggling to prove that Bang misled early investors and manipulated the market, and have advised police to consider alternative charges. The case revolves around HYBE's 2019 IPO process, where Bang is suspected of buying shares through private equity funds and special purpose companies, then selling them for a profit of around 200 billion won.
What the internet did with it
- — "looks like he's getting away with it, the system is *답답해* (frustrating, literally 'stuffy' or 'hard to breathe') as always," reflecting the general sentiment of netizens who feel the investigation is not moving forward as expected.
- The Seoul Metropolitan Police Agency's two requests for an arrest warrant were rejected in April, citing insufficient evidence, which has led to speculation about the next steps in the investigation.
- A key point of contention is whether Bang used special purpose companies to circumvent lock-up rules, which could be a crucial factor in determining the outcome of the case, but so far, police have not provided clear details on this aspect.
The open question
The main unresolved issue is what specific charges, if any, prosecutors will ultimately pursue against Bang Si Hyuk, given the difficulties in proving fraudulent trading under the Capital Markets Act. The investigation's next steps, including whether police will gather more evidence or if prosecutors will reach a different conclusion through their parallel investigation, remain unclear.
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