&imwidth=800&imheight=600&format=webp&quality=medium "Bang Si Hyuk case: New arrest warrant considered against HYBE Chairman?")
Renowned South Korean record producer, the founder of label Big Hit Music, and the chairperson of HYBE Corporation are grabbing headlines for all the wrong reasons. Bang Si Hyuk, who had been under scrutiny of police over allegations of a financial fraud case and had avoided arrest, has reportedly requested a new warrant.
Will Bang Si Hyuk be facing arrest once again?
South Korean police are considering reapplying for an arrest warrant for Bang Si Hyuk after prosecutors rejected their first attempt, demanding further investigation, as per the report of Koreaboo.
Reportedly, the Seoul Metropolitan Police Agency's Financial Crime Investigation Unit now plans to conduct a supplementary investigation into the charges against Chairman Bang under the Capital Markets Act.
Also Read: BTS agency founder Bang Si-Hyuk faces potential arrest in South Korean financial fraud probe
This comes after the first arrest warrant application, which was submitted on April 21, was returned to prosecutors on April 24, stating that there was not enough evidence. Bang's legal team, in a statement to The Associated Press, did not directly address the accusations but expressed regret that police were seeking his arrest "despite our full and consistent cooperation with the investigation over an extended period".
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All about Bang Si Hyuk's stock fraud case
Bang is a reported suspect on charges of violating the Capital Markets Act. Recently, the Seoul Metropolitan Police Agency's Financial Crime Investigation Unit imposed an overseas travel ban.
Reportedly, he is under suspicion that in 2019, during the process of purchasing shares from existing shareholders before HYBE's listing, he misled existing shareholders to believe the listing would be delayed, even though HYBE was proceeding with preparations for listing.
Also Read: J-Hope’s response to HYBE founder Bang Si Hyuk in BTS: THE RETURN documentary goes viral | Watch
For the unversed, he is the founder of the record label Big Hit Music and the chairperson of HYBE Corporation. One of the 50 wealthiest people in South Korea according to Forbes Asia, Bang is the only billionaire in the South Korean entertainment industry. By July 2021, his reported net worth was an estimated $3.2 billion, according to the Bloomberg Billionaires Index.
