Bang Si-hyuk, HYBE chairman, was referred to Seoul prosecutors in early September 2026 on suspicion of fraudulent unfair trading under the Capital Markets Act over 2019 conduct tied to the company’s 2020 listing, after a 21-month police probe that included headquarters raids and multiple interviews. Prosecutors rejected two prior arrest-warrant requests and ordered further investigation, leading police to forward the case without seeking detention. The referral leaves the decision on formal indictment, additional probes, or closure with prosecutors, who have yet to act as of mid-September. Bang and HYBE maintain the listing complied with law, while asset-preservation orders cover alleged gains. These procedural hurdles and the pending prosecutorial review underpin trader expectations that formal charges will not occur in 2026.