U.S. Embassy Seeks Cooperation for HYBE Chair Bang Si-hyuk's Travel to the United States Amid Fraud Investigation
The U.S. Embassy in Korea has reportedly reached out to the Korean National Police Agency to request cooperation in allowing HYBE Chair Bang Si-hyuk to travel to the United States. Bang is currently under investigation for alleged fraudulent transactions and is subject to a travel ban. The embassy's letter of cooperation also includes other senior HYBE executives, such as CEO Lee Jae-sang and Vice President Kim Hyun-jung, to be permitted to visit the U.S. The purpose of the visit is said to be attending the U.S.'s 250th Independence Day event on July 4 and supporting BTS's U.S. tour as part of their global tour.
Bang has been summoned for questioning by the police five times and is currently undergoing a final legal review. The investigation revolves around suspicions of violating the Financial Investment Services and Capital Markets Act. Allegations suggest that Bang misled existing investors and venture capital firms in 2019 by stating that there were no plans for HYBE to go public, leading them to transfer equity to a private equity fund established by an acquaintance.
In light of the ongoing investigation and travel ban imposed on Bang, the U.S. Embassy's request for cooperation to allow his visit to the United States raises questions about the potential implications and outcomes of such a move. It remains to be seen how the authorities will respond to this request and how it may impact the investigation into the alleged fraudulent transactions involving HYBE's top executives.