SEOUL, South Korea (AP) — South Korean police mentioned Tuesday they’re looking for to arrest tune wealthy person Bang Si-Hyuk, chairman of the company in the back of Okay-pop supergroup BTS, as they extend an investigation into allegations that he illegally received greater than $100 million in an investor fraud scheme.
The Seoul Metropolitan Police Company showed that it has requested prosecutors to request a court docket warrant for arresting Bang, the billionaire founder and chairman of Hybe.
Bang’s felony group in a commentary to The Related Press did indirectly cope with the accusations however expressed be apologetic about that police had been looking for his arrest “in spite of our complete and constant cooperation with the investigation over a longer length.”
“We can proceed to cooperate with all felony procedures and make each and every effort to obviously give an explanation for our place,” the commentary mentioned.
Bang, who has been barred from leaving the rustic since August, is being investigated over allegations that he misled traders in 2019 by way of telling them Hybe had no plans to move public, prompting them to promote their stocks to a personal fairness fund, prior to the corporate proceeded with an preliminary public providing. Police imagine that the fund will have paid Bang round 200 billion received ($136 million) in a facet deal that promised him 30% of post-IPO inventory sale income.
Hybe officers say Bang denies any wrongdoing.
Bang’s felony troubles are a significant public members of the family setback for Hybe, coming as BTS embarks on a world excursion after a just about four-year hiatus as its seven individuals served their necessary army provider, which is needed for many able-bodied South Korean men.
BTS carried out in entrance of tens of hundreds of global fanatics at a loose comeback live performance in Seoul ultimate month and feature additionally held a number of concert events in South Korea’s Goyang town and Tokyo. The crowd is to kick off a sequence of U.S. occasions with a live performance in Tampa, Florida, later this month.
Bang, a tune govt and manufacturer who based Hybe as Large Hit Leisure in 2005, is extensively observed as one of the crucial tough figures in Okay-pop and has sought to capitalize at the international luck of BTS to construct his corporate into a global pop powerhouse.
In 2021, Hybe spent about $1 billion to buy Scooter Braun’s Ithaca Holdings, securing the control rights to artists like Justin Bieber and Ariana Grande.
Whilst Hybe’s roster comprises a few of Okay-pop’s greatest acts, equivalent to Seventeen, Le Sserafim and Katseye along with BTS, the corporate has observed turmoil lately, together with a extremely public fallout between Bang and megastar manufacturer Min Hee-Jin over the preferred woman staff NewJeans.
The rift erupted in 2024 when Hybe tried to take away Min as CEO of Ador, the subsidiary managing NewJeans, whilst accusing her of illegally making an attempt to take keep watch over of that corporate. Min, in flip, accused Bang of opposed remedy and of undermining NewJeans in desire of alternative teams, because the dispute moved into courts. Individuals of NewJeans, who’ve described Min as a mentor, attempted to depart the label following her ouster, however a court docket ultimate yr dominated they should honor their contract via 2029.