South Korean police seek indictment of K-pop mogul behind BTS
SEOUL, South Korea (AP) — South Korean police are pushing for an indictment of music tycoon Bang Si-Hyuk, the chairperson of the agency behind K-pop supergroup BTS, over alleged…
South Korean police are seeking an indictment against music mogul Bang Si-Hyuk, the chairman of Hybe, the company behind K-pop sensation BTS, for alleged investor fraud, according to the Seoul Metropolitan Police Agency and Seoul Southern District Prosecutors’ Office. The investigation centers on Bang's alleged involvement in misleading investors in 2019 about Hybe's plans regarding an initial public offering (IPO).
Following the allegations, police have referred Bang and four other individuals, including Hybe executives and officials from the private equity fund, to prosecutors for potential indictment, requesting they be charged with violating the capital markets act. Hybe officials assert that Bang denies any wrongdoing, stating that they will present objective evidence and facts to resolve the allegations through the legal process.
Despite multiple requests made in April and May for Bang's arrest, prosecutors ultimately denied those requests, citing insufficient grounds for arrest and a failure to comply with their demand for a further investigation.
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