South Korean police said Tuesday they want to arrest music mogul Bang Si-Hyuk, chairman of the agency behind K-pop supergroup BTS, as they widen an investigation into how he illegally made more than $100 million in an investor fraud scheme.
The prosecutor requests an arrest warrant
The Seoul National Police Agency confirmed that it has asked prosecutors to seek a court order for Bang’s arrest. Representatives for Bang’s agency, HYBE, did not immediately respond to requests for comment.
Bang Si-Hyu in research
Bang has been under investigation since November for allegations that he misled investors in 2019 by saying HYBE had no plans to go public, pushing him to sell shares to a private equity fund before the company could launch an initial public offering. Police believe the fund paid Bang about 200 billion won ($136 million) in a side deal that promised him 30 percent of the proceeds from the post-IPO stock sale.
Bang Si-Hyu One of the strongest figures in K-Pop
Bang, a music executive and producer who founded HYBE Big Hit Entertainment in 2005, is seen as one of K-pop’s most powerful figures, overseeing some of the industry’s most popular acts, including Seventeen, Le Sserafim and Katseye in addition to BTS.Bang’s legal troubles are a major public relations hurdle for HYBE as BTS embarks on a world tour after a nearly four-year hiatus while its members served their mandatory military service.
BTS will begin their US tour
BTS performed in front of tens of thousands of international fans at a free comeback concert in Seoul last month and has also held several concerts in the South Korean city of Goyang and Tokyo. The band will kick off a US tour with a concert in Tampa, Florida this month.
