South Korean police seek to arrest K-pop mogul behind BTS
ABC7 Los Angeles • • entertainment
Key Points:
- South Korean police are seeking to arrest Bang Si-Hyuk, chairman of Hybe and the agency behind BTS, over allegations that he illegally gained more than $100 million through an investor fraud scheme involving misleading investors about the company's IPO plans in 2019.
- Bang's legal team expressed regret over the arrest request but stated they have fully cooperated with the investigation and will continue to do so, while Bang denies any wrongdoing.
- The investigation centers on claims that Bang convinced investors to sell shares before Hybe's IPO, with a private equity fund allegedly paying him around $136 million in a side deal linked to post-IPO profits.
- Bang's legal issues pose a significant public relations challenge for Hybe amid BTS's global comeback tour following the members' military service hiatus.
- Hybe, founded by Bang in 2005 and known for managing major K-pop acts including BTS, has faced internal turmoil recently, notably a legal dispute with producer Min Hee-Jin and the popular girl group NewJeans.
