Bang Si-hyuk Silent After Second Interrogation Amid Possible Travel Ban

Bang Si-hyuk underwent a second interrogation recently.
He stayed silent after hours of questioning.
Police may impose a travel ban soon.

Bang Si-hyuk, the influential chairman behind the global music powerhouse HYBE, found himself back at the Seoul Metropolitan Police Agency on September 22nd, marking a significant development in a high-profile financial investigation. This wasn't a mere formality, it was a grueling second round of questioning that stretched over twelve hours, underscoring the seriousness of the allegations against him. The chairman, known for his stoic demeanor in the business world, maintained a stern expression throughout the ordeal, concluding late at night and departing without a word to the press. This return visit amplifies the legal scrutiny on one of the South Korean entertainment industry's most pivotal figures, turning a spotlight onto complex financial dealings that could have far-reaching consequences.

This appearance marks the second time within a single month that Bang Si-hyuk has been summoned by authorities, following an initial interrogation on September 15th. The core of the investigation revolves around allegations of violating the Capital Markets Act, specifically concerning "fraudulent unfair trading." The police are investigating whether Bang, back in 2019 prior to HYBE's blockbuster initial public offering (IPO), deceived existing investors and venture capitalists by falsely claiming the company had no plans to go public.

This alleged misrepresentation is said to have pressured these shareholders into selling their stakes to a special purpose company (SPC) connected to a private equity fund affiliated with HYBE executives. The police suspect that at the very time these assurances were given, HYBE was actively undergoing pre-IPO procedures. The scale of the alleged illicit profits is staggering, estimated to be around 190 billion won (approximately $140 million), which Chairman Bang is accused of receiving as a portion of the fund's proceeds following the successful listing.

The Second Interrogation of Bang Si-hyuk

On the morning of September 22nd, Chairman Bang arrived privately at the Financial Crimes Investigation Unit in Mapo-gu, Seoul, dressed in a formal suit, signaling his readiness for a protracted session. The agenda for this second summons was explicitly stated by the police was additional verification.

"We have been conducting a suspect questioning of Bang Si-hyuk since 10:00 AM. We are analyzing seized items and questioning related individuals. We are conducting a second round of questioning as there is still more to confirm," a police official clarified at a regular press conference, quoted from news.nate.

This indicates that the evidence gathered since the first interrogation, including materials seized from HYBE's headquarters in a July raid, required further clarification directly from the chairman himself.

The interrogation session, which lasted 12 hours and 34 minutes, finally concluded at 10:34 PM. Despite the intense scrutiny, Bang Si-hyuk remained silent as he left the building, offering no answers to reporters' shouted questions about the statement's content or his admission of guilt, a stark contrast to his first appearance where he promised to "faithfully cooperate."

The Possibility of a Travel Ban

Following the rapid succession of police summonses, speculation has naturally turned to the potential legal measures that could be imposed on the HYBE chairman, with a travel ban being a primary point of discussion. A travel ban is a prosecutorial or judicial order that restricts an individual under investigation from leaving the country, a common precautionary measure in serious cases where there is a perceived flight risk or potential for evidence tampering. While the police have been deliberately vague on the matter, an official commented that,

"Some investigations require a travel ban, and others do not. We are doing everything necessary for this investigation."

This non-committal statement leaves the door open, suggesting that the possibility is very much on the table. The decision will likely hinge on the police's assessment of the evidence gathered from these interrogations and whether they believe there is a substantial risk.

The allegations themselves hearken back to the events of 2019, a period now under a microscope. The central point of contention, as cited by authorities, is proving Bang Si-hyuk's intent. If investigators can establish that he knowingly misled shareholders about the IPO for personal and affiliated financial gain, it would significantly strengthen the case for a formal indictment and, consequently, make restrictive measures like a travel ban more probable as the investigation progresses toward a potential court battle.

Source: Yonhap News, news.nate, NAVER, Allkpop