US EditionSouth Korean prosecutors deny police request for arrest warrant for K-pop mogul behind BTS
Prosecutors said detention was not justified and told police to strengthen the fraud case against the Hybe founder, who denies wrongdoing.
- On Friday, the Seoul Southern District Prosecutors' Office rejected a police request to arrest Hybe Chairman Bang Si-Hyuk, citing insufficient grounds to justify detention and instructing investigators to strengthen their case.
- Allegations center on the 53-year-old misleading investors in 2019 by claiming Hybe had no immediate plans to go public, prompting them to sell shares before the company proceeded with an initial public offering.
- Police believe a private equity fund paid Bang around 200 billion won, or $135 million, in a side deal promising him 30% of post-IPO profits, though Bang denies any wrongdoing.
- Bang's legal team criticized the police effort, saying he has cooperated for months and remains barred from leaving South Korea since August, meaning he is not a realistic flight risk.
- BTS launches a global tour following a four-year hiatus, including a concert this weekend in Tampa, Florida, though legal troubles pose a public relations setback for Hybe.
29 Articles
29 Articles
South Korean prosecutors deny arrest warrant request for K-pop tycoon behind BTS
South Korean prosecutors on Friday rejected a police request for an arrest warrant for music tycoon Bang Si-Hyuk, chairman of the agency behind K-pop supergroup BTS, questioning whether detention is necessary as he faces a high-profile investigation into alleged investor fraud.
Prosecution rejects arrest warrant request for HYBE chairman
Prosecutors rejected on Friday a police request for an arrest warrant for Bang Si-hyuk, chairman and founder of K-pop powerhouse HYBE Labels, who is accused of unfair stock trading, citing insufficient evidence. The Seoul Southern District Prosecutors' Office sent back to the police the arrest warrant request filed against Bang earlier this week on charges of fraudulent unfair trading under the Capital Markets Act. Bang was suspected of deceivin…
Associated Press News
South Korean prosecutors deny police request for arrest warrant for K-pop mogul behind BTS
South Korean prosecutors have rejected a police request for an arrest warrant for music tycoon Bang Si-Hyuk. He's the chairman of the agency behind K-pop supergroup BTS.
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