1 month ago
South Korean constabulary are seeking an apprehension warrant for Bang Si-hyuk, nan chair of BTS agency HYBE complete an alleged investor fraud scheme.
The euphony mogul is facing apprehension aft nan Seoul Metropolitan Police Agency expanded an investigation alleging Bang illegally gained much than $100M, requesting a tribunal warrant from Bang’s arrest, nan Associated Press reported.
A connection from Bang’s ineligible counsel said successful a connection to Deadline: “We regret that a detention warrant has been sought contempt our afloat and accordant practice pinch nan investigation complete an extended period. We will proceed to cooperate pinch each ineligible procedures and will make each effort to coming our position clearly.”
Bang has antecedently denied wrongdoing.
The allegations against Bang arose successful November past twelvemonth that he had told investors backmost successful 2019 that K-pop elephantine HYBE had nary plans to spell public, which convinced them to waste shares to a backstage equity. An IPO past followed and Police judge Bang could person made astir ₩190B ($130M) done a woody pinch nan fund.
Bang is nan chair and laminitis of HYBE, champion known for lodging K-pop supergroup BTS and others specified arsenic Tomorrow X Together, Seventeen Le Sserafim. He is wide seen arsenic 1 of nan astir powerful players successful nan world K-pop arena and 1 of South Korea‘s astir well-known media moguls.
HYPB operates successful nan music, management, exertion and manner spaces. Initially known arsenic Big Hit Entertainment, HYBE was formed successful 2021 aft a restructuring.
Bang’s issues origin a problem for BTS, which precocious reformed aft a four-year hiatus partially caused by South Korea’s request of subject service. They performed astatine a free performance is Seoul past period and since performed successful Goyang and nan Japanese superior of Tokyo. They are owed to footwear disconnected a bid of U.S. performances later this month. Bang has faced recreation restrictions since coming nether investigation, but nan U.S. Embassy successful Seoul has requested he is allowed to recreation into nan States to participate successful nan world tour.
