Prosecutors said Friday they have rejected a police request for an arrest warrant for Bang Si-hyuk, chairman and founder of K-pop powerhouse Hybe, who is accused of unfair stock trading, citing insufficient evidence.
The Seoul Southern District Prosecutors' Office sent back to the police the arrest warrant request filed against Bang earlier this week on charges of fraudulent unfair trading under the Capital Markets Act.
The chief was suspected of deceiving investors in 2019 into selling their shares in Hybe before the company held an initial public offering (IPO), through which he allegedly pocketed about 260 billion won (US$175.28 million) in illegal profits.
"At this stage, there is insufficient evidence to justify the necessity of detention, and we have therefore requested a supplementary investigation," the prosecution said.
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