South Korean police are seeking to arrest Bang Si-Hyuk, the chair of HYBE, the agency behind global K-pop sensation BTS, over allegations of investor fraud involving more than $100m (£74m). The Seoul metropolitan police agency confirmed it had asked prosecutors to request a court warrant for Bang's arrest.
Bang, who founded HYBE (formerly Big Hit Entertainment) in 2005, is accused of misleading investors in 2019 by stating that the company had no plans to go public. Police believe this induced them to sell their shares to a private equity fund before HYBE proceeded with an initial public offering. The fund is suspected of paying Bang around 200bn won ($136m) in a side deal promising him 30% of post-IPO stock sale profits.
In a statement to the Associated Press, Bang's legal team did not directly address the accusations but expressed regret that police were seeking his arrest despite their full cooperation with the investigation. 'We will continue to cooperate with all legal procedures and make every effort to clearly explain our position,' the statement said.
Bang is one of the most powerful figures in K-pop, overseeing acts including Seventeen, Le Sserafim and Katseye. His legal troubles come as BTS resumes global touring after a nearly four-year hiatus due to mandatory military service. The group recently performed in Seoul, Goyang and Tokyo, and is set to tour the US and UK later this year.
