Prosecutors Reject Arrest Warrant Request for Hybe Chairman

Prosecutors said Thursday they have again rejected a police request for an arrest warrant for Bang Si-hyuk, chairman and founder of K-pop company Hybe, citing a lack of supplementary investigation into his alleged unfair stock trading case. The Seoul Southern District Prosecutors Office said it sent the warrant request for Bang, who is under suspicion of violating the Capital Markets Act, back to the police on Wednesday after it was refiled last week.

"After reviewing the arrest warrant, (we) rejected the request as areas that had been requested for further investigation were not conducted," the prosecution said. Police had refiled the warrant request last Thursday after prosecutors rejected their initial request last month, citing insufficient evidence.

Bang is accused of deceiving investors in 2019 into selling their shares in Hybe before the company held an initial public offering, through which he allegedly pocketed about 260 billion won (US$179.2 million) in illegal profits. The law prohibits obtaining financial gains through false statements or by using deceptive schemes in connection with financial investment products, such as unlisted shares.

Violations involving profits exceeding 5 billion won are punishable by life imprisonment or a minimum of five years behind bars. Bang has denied the allegation, saying the IPO had followed the law and regulations.

Police first received a tip-off on the allegations in late 2024 and raided the Korea Exchange and Hybe's headquarters the following year as part of the probe. Bang was banned from leaving the country in August and has been questioned by police multiple times.

The U.S. Embassy in Seoul recently sent a letter to the police agency asking that it allow him to travel to the United States to take part in K-pop supergroup BTS' world tour.