In brief
Bang Si-hyuk, the billionaire behind BTS's label Hybe, could be arrested on accusations of misleading investors before Hybe's IPO. Authorities allege he claimed a public listing wasn't planned in 2019 while secretly preparing for it. The case is ongoing, with Bang denying any wrongdoing.
K-pop mogul Bang Si-hyuk, the man who created supergroup BTS, could be arrested on charges of fraudulent trading before his $7.3 billion company went public. South Korean police have requested prosecutors to seek a court warrant over accusations that he misled investors in 2019 by claiming a public listing for his conglomerate Hybe was not likely, while secretly preparing for it. Hybe debuted on South Korea's Kospi bourse in October 2020, and police allege Bang pocketed some 200 billion won ($136 million) as a result. He denies the allegations. The case against Bang is long-running and has seen raids at Hybe's headquarters, assets frozen, and calls for him to step down as company chairman. The 53-year-old has maintained that his actions were above board. He has been banned from travelling abroad since August while the investigation is carried out. The request for a warrant follows BTS's announcement of a world tour after a nearly four-year hiatus, during which Hybe stands to gain significantly. Under South Korean law, those convicted of making 5 billion won or more in illicit proceeds face between five years in jail and a life sentence. Industry observers highlight that several high-profile figures have faced stock manipulation charges recently, leading to increased scrutiny and potential penalties in South Korea.
