Police investigating HYBE Chairman Bang Si-hyuk on suspicion of "fraudulent unfair trading" are expected to wrap up the case soon.
Park Jeong-bo, commissioner of the Seoul Metropolitan Police Agency, said at a regular press briefing on the 20th, "The investigation related to Chairman Bang is almost finished and we are reviewing the legal issues," adding, "We expect to close it in the near future."
Park added, regarding whether the U.S. Embassy in Seoul asked for cooperation to allow Chairman Bang to travel abroad, "We have received no such request." Park said, "I don't know whether a request was made to the Korean National Police Agency, but nothing has been filed with the Seoul agency," adding, "If a request comes in, we will review its validity in accordance with the law and principles."
Park also did not answer in detail about precedents and regulations on lifting an overseas travel ban for a suspect who is banned from leaving the country over domestic criminal allegations, but said, "If the Korean National Police Agency reviews the matter, it will seek the investigation team's opinion."
The U.S. Embassy in Seoul recently sent a letter to the Korean National Police Agency reportedly asking for cooperation so that Chairman Bang and other HYBE executives can visit the United States. Attendance at the United States' 250th Independence Day event scheduled for July 4 and BTS's world tour were cited as reasons for the visit, according to reports. Police imposed an overseas travel ban on Bang in Aug. last year.
Bang is suspected of having provided existing investors and venture capital (VC) with information to the effect that "there are no listing plans" before HYBE's 2019 listing, and then inducing them to transfer equity to a private equity fund (PEF) established by an acquaintance.