He has been absconding since last year.
2 hours ago
According to a latest report by KBS, the Korean police are chasing a HYBE executive in relation to Bang Si Hyuk’s alleged financial fraud.
Bang Si Hyuk | Namuwiki
On April 21, the Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency announced that they had applied for an arrest warrant for Bang on charges of fraudulent and unfair trading. A subsequent KBS report analyzed the chances of the HYBE founder actually getting arrested, which included considerations about possible evidence destruction.
The KBS report claimed Bang Si Hyuk replaced both his mobile phones just before the police investigation began. But these devices weren’t the only ones that got changed. HYBE reportedly changed its internal messaging program in October 2020, immediately after its IPO. This has rendered the police incapable of verifying the conversation history shared via the internal messenger between Bang and his associates regarding the IPO.
A key player in this ongoing investigation, former HYBE CIO Kim Joong Dong, has been absconding for months. KBS claimed that the police have requested an Interpol Red Notice for him, which would make it possible to arrest him wherever he is located in the world.
Kim Joong Dong | OSEN
This request has underlined the extent of Kim’s possible involvement in this entire fiasco. He served as an outside director from 2011 to 2019, attracting early investors and leading the establishment of the private equity fund (Eastone PE) that is suspected to be instrumental in the alleged financial crimes. However, Kim suddenly departed from Korea in June and has been reportedly living in the US since then. He has not responded to any of the summons sent by the Korean police.
Kim Joong Dong is suspected to be the “mastermind” behind Bang Si Hyuk’s alleged fraudulent trading. You can read more about him here:
Supposed Mastermind Behind Bang Si Hyuk’s Alleged Financial Crime Goes Into Hiding