HYBEBang Chairman Si Hyuk banned from departure... Suspected of illegally profiting 19 billion yen

HYBE's chairman Bang Si Hyuk, who is currently under police investigation on suspicion of illegal profiteering worth 190 billion won (approximately 19 billion yen), has been banned from leaving the group.
The Seoul Metropolitan Police Agency's Financial Crimes Investigation Unit has issued a departure ban on Chairman Bang, who is suspected of violating the Capital Markets Act.
Chairman Bang informed existing HYBE investors in 2019 that there were no plans for an IPO.
He is suspected of having subsequently instructed a private equity fund established with investments from HYBE executives to sell his shares. However, as the IPO process proceeded, the private equity fund sold its shares.
The sale of the shares of the company to Chairman Bang is said to have resulted in a profit of approximately 190 billion won through a pre-contract. Chairman Bang's side claims that they followed the relevant laws and regulations when listing the company, and that they have not faced any legal issues.
The police obtained related intelligence at the end of last year and began an investigation, seizing and searching the Korea Exchange and HYBE offices in Yeongdeungpo-gu.
The group secured documents related to the listing and investigated Chairman Ban twice last month.