&imwidth=800&imheight=600&format=webp&quality=medium "BTS agency founder Bang Si-Hyuk faces potential arrest in South Korean financial fraud probe")
South Korean music mogul Bang Si-Hyuk is under scrutiny by the police over allegations of a financial fraud case. Bang is the chairman of HYBE, the agency behind K-pop boy band BTS. He has been accussed of illegally gaining more than $100 million in an investor fraud scheme.
On Tuesday, the Seoul Metropolitan Police Agency confirmed that it has asked prosecutors to request a court warrant for arresting Bang, who is also the founder of HYBE.
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."
"We will continue to cooperate with all legal procedures and make every effort to clearly explain our position," the statement said.
What’s the case about?
The music mogul has been under investigation since November over allegations that he misled the investors in 2019 by declaring that HYBE has no plans to go public, inducing them to sell their shares to a private equity firm. Later the company proceeded with an initial public offering.
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Police believe that the fund may have paid Bang around 200 billion won ($136 million) in a side deal that promised him 30% of post-IPO stock sale profits.
About Bang Si-Hyuk
A music executive and producer in his initial phase of career, Bang found HYBE as Big Hit Entertainment in 2005. He is widely seen 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 in addition to BTS.
The recent case is being seen as a major setback for HYBE and comes at a time when BTS embarks on a global tour after nearly four year hiatus as its members served mandatory military service.
BTS performed in front of tens of thousands of international fans at a free comeback concert in Seoul last month and have also held several concerts in South Korea's Goyang city and Tokyo. The group is to kick off a series of U.S. events with a concert in Tampa, Florida, later this month.
