HYBE founder Bang Si-hyuk has been summoned for the 5th time by the Seoul Metropolitan Police Agency as part of the ongoing investigation into the unfair share trading case. According to The Korea Herald, the agency issued its summons to him on Tuesday, November 18.

Further details are still awaited. The report added that the previous round of questioning remained unfinished, which is why Bang Si-hyuk has been asked to return. The agency questioned him twice earlier this month and also on October 15 and 22.

Why is HYBE’s founder summoned?

Bang Si-hyuk, the founder and chairman of Hybe, the South Korean entertainment company that manages BTS, has been accused of engaging in fraudulent and unfair trading under the Capital Markets Act.

As per reports, the financial watchdog is currently investigating claims that Bang misled investors by denying any plans for an IPO. By doing so, he allegedly encouraged them to sell their HYBE shares to a private equity fund (PEF) linked to him, at a time when the company was secretly preparing to go public. When HYBE later filed for an IPO, Bang reportedly gained from a 30% return-sharing deal with the PEF, a transaction that was not disclosed during the IPO process.

If he is found guilty and the profits exceed 5 billion KRW (around $3.64 million), he could face life imprisonment or a minimum sentence of five years.

Earlier, Bang reportedly sent an email to his employees, assuring them that he would fully cooperate with the investigation.

HYBE oversees several major K-pop acts, including BTS, Tomorrow X Together, LE SSERAFIM, NewJeans, BOYNEXTDOOR, and KATSEYE.