Police investigating Hybe Chairman Bang Si-hyuk on charges of fraudulent trading plan to conclude their inquiry this week and refer the case to prosecutors.
National Investigation Headquarters chief Hong Seok-gi said at a regular press briefing at the Korean National Police Agency in Seodaemun-gu, Seoul, on Monday that he had been briefed the Bang case was "on the verge of referral." "We plan to wrap it up this week, and we should be able to announce at that time whether he will be taken into custody," Hong said.
Bang has been under investigation since last year on allegations that he defrauded investors ahead of Hybe's stock market listing, pocketing illicit gains of around 200 billion won ($145 million). Police had applied twice for an arrest warrant, but prosecutors rejected both applications, citing unmet supplementary requirements.
On the separately stalled investigation into independent lawmaker Kim Byung-kee — a former Democratic Party of Korea floor leader — over multiple misconduct allegations, Hong repeated his earlier position, saying he had been briefed the case "is expected to conclude soon."
At the briefing, questions were raised over whether police were deliberately delaying resolution of the Kim case until Oct. 2, when prosecutors lose their authority to directly order supplementary investigations. Hong pushed back, saying he did not see a reason for the case to drag on until the launch of the new prosecution and serious crimes investigation agencies, adding that he expected "a swift conclusion."
On the prolonged nature of the Kim investigation, Hong said it had taken longer than it might appear from the outside because "there are 13 separate allegations, and there is a great deal to prove."
The Seoul Metropolitan Police Agency's investigation review committee examined the Kim case on Tuesday and ordered the investigative team to reach a conclusion within one month. "We direct that the matter be handled swiftly within one month," the committee said, adding that any extension would require investigators to provide specific grounds and a defined deadline to the committee.
The investigative team is not legally bound by the committee's decision. However, when asked about the possibility of an extension, Hong drew a line, saying the investigation would be concluded.
Kim faces allegations that he lobbied the cryptocurrency exchange Bithumb to hire his second son, accepted nomination fees from former Dongjak-gu council members, and pressured Coupang Inc to take personnel action against a former aide who had joined the company.
arin@heraldcorp.com
