His side said they felt “regret.”
Koreaboo
3 minutes ago
Bang Si Hyuk‘s side has responded to reports that police have applied for an arrest warrant for the HYBE chairman.
According to Sports Donga, Bang Si Hyuk’s legal counsel expressed “regret that an arrest warrant has been sought despite having sincerely cooperated with the investigation over an extended period” and that they would “faithfully engage in all forthcoming legal proceedings and do their utmost to provide justification.”
The Seoul Metropolitan Police Agency’s Financial Crime Investigation Unit announced on April 21 that it had “applied for an arrest warrant” against Chairman Bang on charges of violating the Capital Markets Act.
Police allege that ahead of HYBE’s stock market listing in 2019, Bang’s side told existing investors and venture capital firms that there were “no plans to list (Big Hit’s) shares,” thereby inducing them to sell their stakes to a specific private equity fund. In connection with these allegations, police issued a travel ban against Chairman Bang last August and conducted an investigation spanning over eight months.
Regarding the allegations, Bang’s side made clear there were no legal grounds for the charges, stating that “at the time, a clear authoritative interpretation was obtained from four major law firms confirming that this was a private agreement between specific shareholders, caused no financial harm to ordinary shareholders, and therefore did not constitute a disclosure item in the securities registration statement.”
Police Apply For Arrest Warrant For HYBE’s Bang Si Hyuk
Should the prosecution review the police’s arrest warrant application and formally request it from the courts, a warrant review hearing is expected to be held at the Seoul Southern District Court as early as this week.