On July 7, the Committee of investigation and resolution of the capital marketsa revision body under the Commission for securities and futures of the Commission for Financial Services (SFC)he held a meeting and forwarded his opinion to SFC refer President of Hybe Bang Si-Hyuk and three ex Hybe Executives of the accusation. THE SFC It is scheduled to keep a regular meeting on July 16 to face the referral of President bang.
On 11 June, president Lee Jae-myung visited the Korea Exchange and said, “To revitalize the capital market, it is essential to establish a fair and transparent market order to guarantee market trust”. He added, “We will make it clear that anyone who manipulates the stock market in South Korea will have to face ruin”.
In particular, he underlined, “We will present a” one -shot “system, ensuring that anyone involved in manipulating the prices of actions even once forever is forbidden by the stock market”. and he underlined it “Unjust trading, such as the use of information not disclosed by the main shareholders, will entail the recovery of illicit profits and a serious punishment.”
In response, the financial authorities act quickly. On July 9, the Commission for financial servicestogether with Financial supervision service (FSS) and the Korea Exchangehas announced the “action plan to eradicate unjust negotiations in the capital market” al Korea Exchange In Yeouido, Seoul. To strengthen the initial responses to unfair trading, a joint task force aimed at eradicating the handling of actions prices will be established by 30 of this month.
Until now, the response to unfair trading has been criticized to be fragmented among the institutions, with different investigative powers that lead to ineffective coordination. The new Task Force, consisting of 34 members, 4 of Commission for financial services (Application team), the FSS (general investigation team) and 12 from Korea Exchange (Rapid Review Team): Cases will investigate an unjust negotiation story, the use of non -public material information from the main shareholders and the exploitation of social media or false relationships.
In addition, the financial authorities supported the introduction of a “unique” system for unfair trading, the short sale of illegal sales and false disclosure. Lee Yoon-Soo, a permanent member of the SFCdeclared, “While there are legal reasons for sanctions, they have not actually been used, so we are developing detailed criteria”. He added: “With the joint task force at the forefront, we will soon present cases of application of” unique “.
THE FSS has studied President Bang’s alleged fraudulent unjust exchange. Last month, Bang Bang He participated in an FSS investigation. He is suspected of misleading existing investors by saying that there were no “non -plants for an ipo” while preparing Hybe’s Initial public offer (IPO) between 2019 and 2020.
Furthermore, Bang Bang It is assumed that it has led the existing investors to sell theirs Hybe The actions of a private equity fund (PEF) established by an acquaintance, with an agreement to receive 30% of the profits from the sale. According to reports, this agreement was omitted by Hybe’s Declaration of registration of the securities and an amount of sharing of profits Bang Bang received from Pef They are said to be about 400 billion KRW.
Separately, the Investigation unit on the financial crime of Seoul Metropolitan Agency He is also investigating, but two requests for research mandate have been rejected by the accusation.
Hybe declared, “As for the issues raised, we are actively collaborating with the financial authorities and the police by presenting detailed explanations and relevant materials. Although it may take time, we will demonstrate that the IPO has been conducted in accordance with laws and regulations.”
