BTS’ label HYBE’s chairman Bang Si Hyuk summoned to testify as a witness in SM Entertainment stock manipulation case; all we know

Bang Si Hyuk, chairman and founder of HYBE Corporation, has been summoned by the Seoul District Court. He’s self-discipline to appear as a stare within the ongoing factual complaints. The case entails alleged stock manipulation surrounding SM Entertainment’s 2023 acquisition battle.

Primarily primarily based on factual sources, on Could well presumably also 13, Prefer Yang Hwan Seung presided over the Seoul Southern District Court’s Criminal Agreement Division 15. The court issued a formal summons to Bang Si Hyuk on Could well presumably also 8. It has requested his attendance at a listening to scheduled for June 20. His look will be legally required if he does no longer recent a sound reason within the wait on of absence.

The court is currently going thru a excessive-profile case against Kim Beom Soo. He’s the founder of tech massive Kakao, which goes thru trial for alleged violations of South Korea’s Capital Markets Act. Prosecutors thunder Kim become angry just a few method to manipulate the stock label of SM Entertainment for the duration of the fierce takeover war between Kakao and HYBE in early 2023.

The controversy dates wait on to February 2023. Kakao and HYBE engaged in an organization tug-of-war to obtain own an eye on over SM Entertainment. It’s some distance indubitably one of the main entertainment agencies in South Korea. During this interval, HYBE had launched a public tender provide with a proposed fraction label of 120,000 KRW (approximately 85 USD). Prosecutors notify that Kim collaborated with non-public equity firm One Asia Companions and various affiliates to inflate SM’s stock label beyond that settle. This made HYBE’s provide much less comely and effectively blocked their acquisition strive.

Central to the prosecution’s case is a non-public assembly that allegedly took voice between Bang Si Hyuk and Kim Beom Soo on February 14, 2023. During this assembly, Bang is asserted to have urged Kim to chorus from pursuing the acquisition of SM Entertainment. Despite the conversation, Kim reportedly proceeded with Kakao’s method to obtain a controlling stake within the firm.

Prosecutors now desire Bang to testify in court to clarify the indispensable suggestions of that conversation. They additionally purpose to settle whether any extra agreements or attempts at persuasion came about within the wait on of the scenes. His testimony is expected to be the biggest in organising whether Kakao’s actions were utilized independently or in accordance to discussions with HYBE. In the intervening time, HYBE is dwelling to a mountainous number of smartly-liked groups, including BTS, SEVENTEEN, ENHYPEN, LE SSERAFIM, TXT, ILLIT, KATSEYE, and others.