HYBE Founder Bang Si-hyuk Suspected of Fraudulent Transactions; Public Worries Over U.S. Pressure

Central News Agency

(CNA Reporter Yang Chi-kang, Seoul, 22nd) South Korean police yesterday requested an arrest warrant for Bang Si-hyuk, Chairman of the Board of the South Korean entertainment agency HYBE, on suspicion of fraudulent and unfair transactions. Korean media reported that some worry Bang might emulate Coupang CEO Bom Kim and exert pressure through the United States.

According to Yonhap News Agency today, the Seoul Southern District Prosecutors' Office received the arrest warrant application and investigation data from the police yesterday morning regarding Bang Si-hyuk's suspected violation of the Capital Markets Act, and is currently reviewing whether detention is necessary. A prosecution official stated, "We cannot confirm the relevant details to the public at this stage."

The reasons the police believe detention is necessary include the amount involved exceeding 100 billion won (about NT$2.22 billion), the severity of the case, and actions such as changing mobile phones before the investigation, which raise concerns about the destruction of evidence. However, Bang's side argues that they have cooperated with the search and have already undergone five suspect interrogations, claiming there is no risk of evidence destruction.

Some speculate that Bang gives the impression of "possibly imitating Coupang," which led the police to decide to apply for an arrest warrant. Recently, during a large-scale personal data leak incident at Coupang, the timing coincided with U.S. tariff pressure. There were even reports that the U.S. side told South Korea that if the personal safety of Coupang founder and CEO Bom Kim could not be guaranteed, high-level diplomatic and security agreements between South Korea and the U.S. would be difficult to advance.

The report pointed out that with a similar precedent existing, the U.S. Embassy in South Korea reportedly sent a letter requesting the lifting of Bang Si-hyuk's travel ban. This sparked fierce internal reactions within the police, questioning whether he intends to adopt a strategy similar to Coupang's, aiming to use BTS performances and the 250th anniversary of U.S. independence as leverage to apply indirect pressure.

However, HYBE stated that since they are aware of the Coupang case, there is no reason to adopt a "reckless strategy" that could trigger public backlash, and they are actually confused by the U.S. Embassy's letter. A HYBE official stated, "We have never officially received an event invitation, and it is impossible to ask for the travel ban to be lifted."

The report mentioned that analysts point out that it is rare for the U.S. government to recently elevate South Korean police's travel bans and detention procedures into diplomatic issues. Professor Kim Jae-chun of Sogang University stated, "The more this happens, the more the police should act according to principles. South Korea is a country ruled by law and should handle matters according to Korean law." (Editor: Chen Cheng-kung) 1150422