SEOUL, Nov 6 — Renowned South Korean music producer Bang Si-hyuk has been questioned for the third time by South Korean police over allegations of stock fraud linked to Hybe’s 2019 initial public offering (IPO).
The financial crimes unit of the Seoul Metropolitan Police Agency confirmed that Bang was summoned again yesterday as a suspect for further questioning, South Korea-based news outlet Korea JoongAng Daily reported.
This marks his third round of interrogation following two previous sessions in September.
Bang, who founded the label behind global K-pop groups BTS, TXT and NewJeans, is suspected of misleading investors in 2019 by denying plans for Hybe – formerly called Big Hit Entertainment – to go public, before later selling a stake to a private equity fund.
When preparations for the IPO began, the fund reportedly sold its shares.
Bang reportedly received about 190 billion won (RM672 million) in profits through a prearranged deal.
Police are currently examining his statements, the flow of funds related to the IPO, and the structure of the agreement.
