South Korea Refers HYBE Chairman Bang Si-hyuk to Prosecutors Over 2020 IPO Market Manipulation Amid Lee Jae-myung Crackdown

South Korean financial authorities have decided to refer Bang Si-hyuk, chairman of entertainment company Hybe Co., to prosecutors on charges of fraudulent market manipulation related to the company's 2020 initial public offering (IPO). The allegations involve undisclosed profits and unfair trading practices during the IPO process. This marks the first time under President Lee Jae-myung's administration that such stringent disciplinary action has been taken against a major corporate leader. Bang Si-hyuk, who is also known as the billionaire founder of the BTS agency, was scheduled to speak at the Korea Economic Association's summer forum but canceled his keynote speech amid the controversy. The South Korean Securities and Futures Commission (SFC) is leading the investigation, which centers on accusations that Bang misled investors prior to the IPO.