Gate News message, April 21 — South Korean authorities requested the arrest of Park Si-hoo, founder and chairman of entertainment company HYBE, on suspicion of fraud in connection with the company’s initial public offering (IPO). According to multiple reports, Park allegedly told early investors in 2019 that HYBE had no intention to go public, misleading them into selling their shares to a private equity fund linked to his associate. After HYBE’s IPO in 2020, the fund sold its holdings, and Park received approximately 30% of the proceeds—nearly 200 billion Korean won (approximately $136 million)—under a shareholder agreement.
South Korea’s capital markets law stipulates that fraudulent statements regarding financial investment products resulting in gains of 5 billion won ($3.4 million) or more carry sentences of at least five years imprisonment, with life imprisonment as the maximum penalty. Park has been subject to an exit ban since August 2025. South Korean police received the initial tip in late 2024 and formally launched their investigation in 2025, conducting searches at the Korea Exchange and HYBE’s headquarters.
Park has denied all allegations, claiming the IPO was conducted legally and properly.
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