South Korean police seek to arrest K-pop mogul behind BTS
Summary
South Korean police are seeking to arrest Bang Si-Hyuk, chairman of the music company HYBE, over allegations he illegally made more than $100 million through misleading investors. Bang is accused of hiding plans for the company's public stock sale in 2019, causing investors to sell their shares under false information.Key Facts
- Bang Si-Hyuk is the chairman and founder of HYBE, the company behind K-pop group BTS.
- Police have asked prosecutors to seek a court warrant to arrest Bang.
- He is under investigation for allegedly tricking investors by saying HYBE would not go public in 2019.
- The alleged fraud involves a secret deal where Bang received about 200 billion won ($136 million).
- Bang’s lawyers said they regret the arrest request but are cooperating with the investigation.
- Bang is a major figure in K-pop, managing artists like BTS, Seventeen, and Le Sserafim.
- The case is a public relations challenge for HYBE as BTS resumes global tours after military service breaks.
- BTS recently held concerts in South Korea and Japan and plans a U.S. tour starting in Tampa, Florida.
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