HYBE chairman again quizzed over unfair stock trading allegations

HYBE founder and Chairman Bang Si-hyuk appears for questioning at the financial crimes investigation unit of the Seoul Metropolitan Police Agency in western Seoul, Sept. 15. Yonhap

Police on Wednesday called in the chairman of K-pop powerhouse HYBE to question him for a third known time over allegations of unfair stock trading in connection with the company's 2020 initial public offering (IPO).

Bang Si-hyuk, the founder of the entertainment agency, has been questioned over allegations that he misled investors in 2019 by denying plans for an IPO and inducing them to sell their Hybe shares to a special purpose company (SPC) linked to a private equity fund he was associated with.

Bang is suspected of pocketing some 190 billion won ($131.2 million) when the SPC sold its shares in the company once it went public.

He appeared at the financial crimes investigation unit of the Seoul Metropolitan Police Agency in western Seoul to undergo questioning, following the previous interrogations in September.

Bang faces the charge of violating the Capital Market Act.