South Korean police said on Tuesday they were seeking to arrest music mogul Bang Si-hyuk, head of the agency behind K-pop band BTS, as the investigation expands into allegations that he illegally obtained more than US$100 million in an investor fraud scheme.
The prosecution requests an arrest warrant
The Seoul Metropolitan Police Agency confirmed that it had asked prosecutors to request a warrant for Pang’s arrest. Representatives for Bang’s agency, HYBE, did not immediately respond to requests for comment.
Bang Si Hyo Under investigation
Bang has been under investigation since November over allegations that he misled investors in 2019 by telling them that HYBE had no plans to go public, prompting them to sell their shares to a private equity fund before the company proceeded with an initial public offering.
Police believe the fund may have paid Pang about 200 billion won ($136 million) in a side deal that promised him 30 percent of the profits from the sale of shares after the IPO.
Bang Si-Hyu is one of the strongest personalities in K-Pop
Bang, a music executive and producer who founded HYBE as Big Hit Entertainment in 2005, is widely viewed as one of the most powerful figures in K-pop, overseeing some of the industry’s most popular acts, including Seventeen, Le Sserafim and Katseye as well as BTS.Bang’s legal troubles represent a major public relations setback for HYBE, coming as BTS embarks on a world tour after a nearly four-year hiatus during which its members served mandatory military service.
BTS will start their tour in the United States
BTS performed in front of tens of thousands of global fans at a free comeback concert in Seoul last month, and has also held several concerts in Goyang, South Korea, and Tokyo. The band is scheduled to begin a series of US events with a concert in Tampa, Florida, later this month.
