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South Korean Police Seek to Arrest K-Pop Mogul Behind BTS
Police say Bang Si-hyuk may have profited 200 billion won through a side deal that allegedly misled investors before Hybe’s IPO.
- On Tuesday, the Seoul Metropolitan Police Agency confirmed it asked prosecutors for an arrest warrant for Hybe Chairman Bang Si-hyuk, expanding an investigation into an investor fraud scheme.
- Investigators allege Bang misled investors in 2019 by claiming Hybe had no plans to go public, inducing them to sell shares to a private equity fund before the company proceeded with an IPO.
- Police believe a side deal may have paid Bang around 200 billion won, or $136 million, promising him 30 per cent of post-IPO stock sale profits.
- Legal troubles for Bang represent a significant public relations setback for Hybe, as representatives of the agency did not immediately respond to requests for comment.
- Beyond BTS, Bang oversees popular acts including Seventeen, Sserafim, and Katseye as the group prepares to kick off a series of events in Tampa, Florida, later this month.
35 Articles
35 Articles
BTS Agency Hybe Founder Bang Si-hyuk Faces Detention as Seoul Police Seek Arrest Warrant
Seoul police have applied for a warrant to detain Bang Si-hyuk, chair and founder of Hybe, over alleged securities fraud tied to the K-pop conglomerate’s public listing, Reuters reported. Bang established Hybe – then known as Big Hit Entertainment – in 2005, building it into the most powerful company in the K-pop industry. The Seoul-based […]
Bang Si-Hyuk is considered one of the most powerful figures in K-pop, partly due to the worldwide success of the seven-member band BTS, the most famous pop group from South Korea of all time.
HYIVE Faces Owner Risk Amid BTS Comeback; Aftermath of Application for Arrest Warrant for Bang Si-hyuk. While expectations for improved performance are growing due to the comeback of idol group BTS, HYIVE is facing a negative factor in the form of owner risk. On the 21st, the police applied for an arrest warrant for HYIVE Chairman Bang Si-hyuk on charges of fraudulent trading.
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