![HYBE Chairman Bang Si-hyuk [YONHAP]](https://image.koreajoongangdaily.com/12312959.webp?imageId=12312959&width=960&height=642&format=jpg)
Police raided Korea Exchange offices on Monday as part of their investigation into the alleged violation of the capital markets law by Bang Si-hyuk, founder and chairman of K-pop agency HYBE.
Police said Thursday that it raided the western Seoul Yeouido office of Korea Exchange to secure data related to the listing review of HYBE.
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Bang allegedly misled investors of the K-pop powerhouse’s initial public offering (IPO) plans in 2019, when HYBE was known as BigHit Entertainment, and instead persuaded them to sell their shares to an acquaintance’s private equity fund (PEF) that promised him a commission in return.
HYBE was listed on the Korea Exchange in October 2020. Bang allegedly received 400 billion won ($294 million), or 30 percent of the PEF’s investment income, after the company went public as a result of the deal, but failed to disclose this in the company’s securities report.
Bang was questioned by the Financial Supervisory Service in late June.
BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]
