Police investigating Bang Si-hyuk, chair HYBE(352820), on suspicion of "fraudulent unfair trading," plan to hand the case over to prosecutors this week.
Hong Seok-ki, head of the National Office of Investigation (NOI) at the Korean National Police Agency, said at a regular press briefing on the 31st that "Chair Bang's case is almost at the point of referral," adding, "We plan to refer it within this week."
Chair Bang is suspected of deceiving investors ahead of HYBE's listing and taking about 260 billion won in illicit gains. Police had previously sought an arrest warrant twice, but prosecutors returned both requests, saying further investigation was needed.
Police also say they will swiftly wrap up the case of independent lawmaker Kim Byung-kee, who faces 13 allegations of misconduct. Deputy Minister Hong said, "There is no major disagreement with the opinion of the investigation review committee," and added, "We will finish without an extension."
The investigation review committee of the Seoul Metropolitan Police Agency on the 25th reviewed the appropriateness of the police investigation, including procedures and reasons for delays, and ordered that the case related to Rep. Kim be handled promptly within a month.