The Korea Times
Such is the never-ending drama of corporate malfeasance that when police this week sought an arrest warrant for Bang Si-hyuk, founder and chairman of HYBE, the company behind BTS, my first thought was: Here we go again. But this case is about more than a familiar cycle of scandal and outrage. It is a test of something far larger: whether Korea’s recent judicial reforms, championed by the current government, represent a genuine shift in principle or merely a reshuffling of power. At first glance, the case appears straightforward. Investigators allege that Bang misled investors ahead of HYBE’s initial public offering, potentially violating the Capital Markets Act. Until recently, such a case would have been led by prosecutors. Now it is in the hands of the police. This change reflects a series of reforms over the past six to seven years aimed at curbing the once-dominant power of the prosecution by separating investigative and prosecutorial functions. The intent was to create a more balanced system. The question now is whether it works. Before answering that, it is worth reflecting on o
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