South Korean police seek to arrest K-pop mogul behind BTS

 South Korean police are seeking to arrest music executive Bang Si-Hyuk, chairman of Hybe, as part of an expanding investigation into alleged investor fraud. Authorities said they have asked prosecutors to obtain a court warrant to detain the billionaire founder, who is widely known for creating the agency behind global K-pop group BTS. Bangs legal team did not directly address the allegations but expressed concern over the arrest move, stating that he has consistently cooperated with investigators. We will continue to cooperate with all legal procedures and make every effort to clearly explain our position, the statement said. Bang, who has been barred from leaving the country since August, is under investigation over claims that he misled investors in 2019 by saying Hybe had no plans to go public. Authorities allege that this prompted investors to sell shares to a private equity fund before the company later proceeded with an initial public offering. Police believe the fund may have paid Bang about 200 billion won ($136 million) through a side agreement that promised him a share of post-IPO stock profits. Hybe officials say he denies any wrongdoing. The case presents a major reputational challenge for Hybe at a time when BTS has resumed activities following nearly four years of hiatus due to mandatory military service. The group recently performed to tens of thousands of fans in Seoul and held additional concerts in Goyang and Tokyo. They are also scheduled to begin a series of U.S. performances later this month in Tampa, Florida. Bang, who founded Hybe in 2005 (originally as Big Hit Entertainment), is considered one of the most influential figures in K-pop and has played a central role in transforming the company into a global entertainment powerhouse. In 2021, Hybe acquired Ithaca Holdings, founded by Scooter Braun, securing management rights to major international artists including Justin Bieber and Ariana Grande. Despite its global success, Hybe has faced internal challenges in recent years, including a high-profile dispute between Bang and producer Min Hee-Jin over control of the label ADOR, which manages the girl group NewJeans. The conflict escalated into legal battles after Hybe attempted to remove Min as CEO, while she accused the company of undermining her work. A court later ruled that members of NewJeans must honor their contracts through 2029.The post South Korean police seek to arrest K-pop mogul behind BTS appeared first on Linda Ikeji Blog.