Why police are seeking to arrest billionaire K-pop mogul behind BTS
Summary
South Korean police want to arrest Bang Si-hyuk, the creator of the K-pop group BTS, for allegedly misleading investors about his company's plans to go public in 2019. Bang denies the accusations, but authorities say he made about $136 million illegally as his company, Hybe, prepared to list its shares on the stock market.Key Facts
- Bang Si-hyuk created BTS and leads Hybe, a major K-pop entertainment company valued at $7.3 billion.
- Police accuse Bang of hiding plans to list Hybe on the stock market in 2019, misleading investors.
- Hybe went public on South Korea's Kospi stock exchange in October 2020.
- Authorities say Bang gained around 200 billion won ($136 million) through this alleged fraudulent trading.
- Bang has been banned from traveling abroad since August during the ongoing investigation.
- Police have raided Hybe's headquarters, frozen some of Bang's assets, and asked prosecutors to seek an arrest warrant.
- BTS recently resumed a world tour that is expected to earn Hybe over $1 billion.
- South Korean law punishes illegal profits of 5 billion won or more with jail time from five years to life.
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