K-pop mogul behind BTS being sought by police in South Korea - BERITAJA

South Korean constabulary said Tuesday they are seeking to apprehension euphony mogul Bang Si-Hyuk, president of the agency down K-pop supergroup BTS, arsenic they grow an investigation into allegations that he illegally gained much than $100 cardinal successful an investor fraud scheme.

The Seoul Metropolitan Police Agency confirmed that it has asked prosecutors to petition a tribunal warrant for arresting Bang, the billionaire laminitis and president of Hybe.

Bang’s ineligible squad successful a connection to The Associated Press did not straight reside the accusations but expressed regret that constabulary were seeking his apprehension “despite our afloat and accordant practice pinch the investigation complete an extended period.”

“We will proceed to cooperate pinch each ineligible procedures and make each effort to intelligibly explicate our position,” the connection said.

Bang, who has been barred from leaving the state since August, is being investigated complete allegations that he misled investors successful 2019 by telling them Hybe had nary plans to spell public, prompting them to waste their shares to a backstage equity fund, earlier the institution proceeded pinch an first nationalist offering.

Police judge that the money whitethorn person paid Bang about 200 cardinal won (approximately CAD $185 million) successful a broadside woody that promised him 30 per cent of post-IPO banal waste profits.

Hybe officials opportunity Bang denies immoderate wrongdoing.

Bang’s ineligible troubles are a awesome nationalist relations setback for Hybe, coming arsenic BTS embarks connected a world circuit aft a about four-year hiatus arsenic its 7 members served their mandatory subject service, which is required for about able-bodied South Korean males.

BTS performed successful beforehand of tens of thousands of world fans astatine a free comeback concert in Seoul past period and person besides held respective concerts successful South Korea’s Goyang metropolis and Tokyo. The group is to footwear disconnected a bid of U.S. events pinch a performance successful Tampa, Florida, later this month.

Bang, a euphony executive and shaper who founded Hybe arsenic Big Hit Entertainment successful 2005, is wide seen arsenic 1 of the about powerful figures successful K-pop and has sought to capitalize connected the world occurrence of BTS to build his institution into an world popular powerhouse.

In 2021, Hybe spent about $1 cardinal to acquisition Scooter Braun’s Ithaca Holdings, securing the guidance authorities to artists for illustration Justin Bieber and Ariana Grande.

While Hybe’s roster includes immoderate of K-pop’s biggest acts, specified arsenic Seventeen, Le Sserafim and Katseye successful summation to BTS, the institution has seen turmoil successful caller years, including a highly nationalist fallout betwixt Bang and prima shaper Min Hee-Jin complete the celebrated woman group NewJeans.

The rift erupted successful 2024 erstwhile Hybe attempted to region Min arsenic CEO of Ador, the subsidiary managing NewJeans, while accusing her of illegally attempting to return power of that company.

Min, successful turn, accused Bang of dispute curen and of undermining NewJeans successful favour of different groups, arsenic the conflict moved into courts. Members of NewJeans, who person described Min arsenic a mentor, tried to time off the explanation pursuing her ouster, but a tribunal past twelvemonth ruled they must honour their statement done 2029.