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(Yonhap) |
A South Korean court has frozen 156.8 billion won ($107 million) worth of shares held by Bang Si-hyuk, the founder and chairman of Hybe Corporation as part of a pre-trial preservation order linked to an alleged fraudulent stock transaction case.
According to Yonhap News on Thursday, the Seoul Southern District Court approved a request from the Seoul Metropolitan Police Agency’s Financial Crime Investigation Unit on November 19 to seize Bang’s Hybe shares before indictment.
The freeze aims to prevent the disposal of assets that could later be confiscated if prosecutors prove the assets were obtained through criminal conduct. Under Korean law, asset preservation allows authorities to secure the equivalent value of illicit gains even before a conviction.
Hybe said the procedure is “a standard legal measure and does not imply guilt,” adding that Bang has been cooperating fully with investigators and awaits their judgment.
Police suspect Bang misled private investors in 2019 by claiming that Hybe had no plans for an IPO, before selling shares to a private equity fund. Investigators allege he later received about 1.9 billion won in illicit profits — equivalent to 30 percent of post-listing capital gains — under a secret side agreement tied to Hybe’s public offering.
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