Music executive behind K-pop group BTS faces arrest in South Korea
Summary
South Korean police want to arrest Bang Si-Hyuk, the founder and chair of the company behind K-pop group BTS, for allegedly making over $100 million through fraud involving investors. Bang’s team says they have cooperated with the investigation and will keep working with the legal process.Key Facts
- Bang Si-Hyuk is chair of HYBE, the agency that manages BTS and other K-pop groups.
- Police asked prosecutors to seek a court warrant to arrest Bang.
- He faces charges related to misleading investors in 2019 about the company’s plans to go public.
- The allegation says Bang told investors HYBE would not go public, prompting them to sell shares cheaply.
- After that, HYBE went public and a private fund reportedly paid Bang about $136 million in a secret deal.
- Bang founded HYBE in 2005, formerly known as Big Hit Entertainment.
- This investigation is a significant issue for HYBE as BTS is currently on a global tour following their military service hiatus.
- BTS recently held major concerts in Seoul, Goyang, Tokyo, and will perform in the U.S. and the UK soon.
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