According to legal sources on May 13, Korean time, the South Seoul District Court, Criminal settlement division No. 15 (Chairman Yang Hwan Seung) sent a summons to Bang Si Hyuk on May 8. If there is no legitimate reason, Bang Si Hyuk is expected to appear in court on June 20.
The case involves founder Kakao Kim Beom Soo, who is being prosecuted for violating the Capital Market Act.
Prosecutors allege that, in February 2023, during the buy-back of SM Entertainment, Kim colluded with private joint stock company One Asia Partners and other companies to manipulate stock prices, setting a price 120,000 won (about $85) higher than HYBE's public offering price to prevent HYBE's buy-back efforts.
According to the prosecution, Bang Si Hyuk and Kim met on February 14, 2023 to discuss the acquisition of SM. Bang Si Hyuk was accused of asking Kim not to pursue taking over SM. However, Kim is said to have rejected HYBE's proposal and continued plans to buy SM Entertainment.
The prosecution intends to question Bang Si Hyuk as a witness to clarify the nature of the discussions between the two executives during Kakao's acquisition of SM Entertainment.
