South Korean police seek to arrest K-pop mogul behind BTS
AP News • • general
Key Points:
- South Korean police are seeking to arrest Bang Si-Hyuk, chairman of HYBE and the agency behind K-pop group BTS, over allegations of illegally gaining more than $100 million through an investor fraud scheme.
- Authorities allege Bang misled investors in 2019 about HYBE's IPO plans, causing them to sell shares to a private equity fund, which then paid Bang approximately $136 million in a side deal.
- Bang’s legal team expressed regret over the arrest request but emphasized their ongoing cooperation with the investigation and intent to clarify their position.
- Bang is a prominent figure in K-pop, having founded HYBE (formerly Big Hit Entertainment) and managing major acts such as BTS, Seventeen, Le Sserafim, and Katseye.
- The investigation and potential arrest represent a significant PR challenge for HYBE, coinciding with BTS's return to global touring after a military service hiatus.
