South Korean police seek to arrest K-pop mogul behind BTS over alleged fraud
Summary
South Korean police want to arrest Bang Si-Hyuk, the chairman of Hybe, the agency behind K-pop group BTS. He is accused of misleading investors and illegally making over $100 million in a fraud case linked to the company’s 2019 stock sale.Key Facts
- Bang Si-Hyuk is the billionaire founder and chairman of Hybe, which manages BTS.
- Police have asked for a court warrant to arrest Bang over alleged investor fraud.
- The investigation focuses on claims Bang misled investors about Hybe’s plans to go public in 2019.
- Police say Bang may have received about $136 million in a secret deal linked to stock sales after the company went public.
- Bang has been banned from leaving South Korea since August during the investigation.
- Bang’s legal team denies wrongdoing and says they will cooperate with authorities.
- Hybe owns other K-pop acts like Seventeen and NewJeans and acquired a U.S. company managing famous artists in 2021.
- The company has faced internal disputes, including a legal conflict with producer Min Hee-Jin over the management of the group NewJeans.
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