**South Korean prosecutors have held the police referral of Bang Si-hyuk since early September 2026 on Capital Markets Act charges tied to alleged misleading of investors ahead of HYBE’s 2020 listing, with no indictment issued as of mid-October.** Police referred the HYBE chairman and four associates without detention after a roughly 21-month probe, citing roughly 263 billion won in claimed illicit gains and securing a court asset-preservation order. Prosecutors had twice rejected police arrest-warrant requests in April and May 2026, citing insufficient evidence for detention and calling for further investigation, signaling ongoing legal and evidentiary disagreements. The complex 2019-era allegations involve differing statements to shareholders and a private-equity vehicle; Bang and HYBE maintain the IPO followed all rules. With prosecutors still reviewing the file and only weeks remaining in 2026, traders see limited time for formal charges this year, producing the current 70% implied probability against an indictment before year-end. Recent civil litigation between Bang and former ADOR executive Min Hee-jin has no direct bearing on the criminal timeline.