South Korea's Financial Securities Commission (FSC) plans to refer Hybe (KRX:352820) Chairman Bang Si-hyuk to prosecutors for alleged fraudulent securities transactions tied to the company's 2020 initial public offering.
The FSC's Securities and Futures Commission (SFC) concluded deliberations and will finalize its decision at a meeting next Wednesday, Yonhap News reported Wednesday, citing industry sources.
Bang is accused of misleading investors by claiming there were no IPO plans, prompting them to sell their shares to a private equity fund. Authorities allege he had already agreed to share IPO profits with the fund and later received 200 billion won after Hybe went public in October 2020.
Investigators suspect the arrangement was aimed at bypassing the post-IPO lock-up period for major shareholders, the report said.
Shares of Hybe fell nearly 1% in recent trade.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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