SEOUL – In a significant development for the K-pop industry, South Korean authorities are moving to arrest Bang Si-Hyuk, the chairman of the agency behind global sensation BTS. The Seoul Metropolitan Police Agency announced on Tuesday their intention to take legal action against the music mogul amid an unfolding inquiry into an alleged investor fraud scheme that reportedly netted him over $100 million.
The police have formally requested prosecutors to seek a court-issued warrant for Bang’s arrest. Despite the mounting legal troubles, there has been no immediate comment from Bang’s agency, HYBE, regarding these allegations.
Bang, who has been under scrutiny since last November, is accused of misleading investors back in 2019. Allegedly, he assured them that HYBE, then known as Big Hit Entertainment, had no plans to go public. This reportedly led investors to sell their shares to a private equity fund, just before the company launched its initial public offering. Authorities suspect that this fund may have compensated Bang with approximately 200 billion won, or $136 million, in a clandestine deal that promised him a significant share of post-IPO stock sale profits.
As the founder of HYBE, Bang Si-Hyuk has become one of the most influential figures in the K-pop industry since starting the company in 2005. Under his leadership, HYBE not only propelled BTS to international stardom but also nurtured other successful acts such as Seventeen, Le Sserafim, and Katseye.
This legal predicament casts a shadow over HYBE at a time when BTS is gearing up for a highly anticipated global tour. The group recently returned to the stage with a free concert in Seoul, marking the end of their nearly four-year hiatus due to mandatory military service. They have also performed in Goyang city, South Korea, and Tokyo, and are set to begin their U.S. tour with a performance in Tampa, Florida, later this month.
BTS performed in front of tens of thousands of international fans at a free comeback concert in Seoul last month and have also held several concerts in South Korea’s Goyang city and Tokyo. The group is to kick off a series of U.S. events with a concert in Tampa, Florida, later this month.
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