Seoul Metropolitan Police Agency Commissioner Park Jung-bo addressed the matter during a regular press briefing, stating that authorities plan to analyze the reasons for the rejection and assess whether additional evidence or records need to be gathered. “We will comprehensively review whether there are supplementary materials required and, while respecting the prosecution’s opinion, decide on reapplying for the warrant,” Park said.
This marks the second rejection. On May 6, the Seoul Southern District Prosecutors’ Office’s Joint Investigation Division for Financial and Securities Crimes returned the warrant request, citing unfulfilled demands for supplementary investigation. An earlier request on April 24 was also rejected due to insufficient evidence and explanation to justify detention at that stage.
The case centers on allegations that Bang Si-hyuk misled investors regarding HYBE’s initial public offering plans. HYBE made history in October 2020 as the first South Korean entertainment company to list on the KOSPI stock market. According to claims, Bang reportedly told certain investors there were no plans for a public listing, encouraging them to sell shares to a specific private equity fund.
However, suspicions persist that the company was already preparing pre-IPO procedures during that period, potentially constituting fraud or securities violations.
Commissioner Park pushed back against speculation of friction between police and prosecutors, emphasizing that both sides are performing their duties responsibly from their respective positions.
The investigation continues to draw attention given HYBE’s global influence through acts like BTS. As one of the most prominent figures in the entertainment industry, Bang Si-hyuk’s legal troubles could have broader implications for investor confidence and corporate governance in South Korea’s dynamic K-entertainment sector.
Police have not ruled out reapplying for the warrant once their review is complete. HYBE has not issued an immediate public comment on the latest development. This story is developing, and further updates are expected as the investigation progresses.
Source:(1)