Bang Si-Hyuk, the billionaire founder and chairman of HYBE—the agency behind BTS, Seventeen, and Le Sserafim—is now facing arrest.
The Seoul Metropolitan Police Agency confirmed it has requested a court warrant for Bang’s arrest as part of an investigation into allegations that he illegally gained over $100 million in an investor fraud scheme.
Police are investigating claims that Bang misled investors back in 2019 by telling them HYBE had no plans to go public. According to the allegations, this prompted investors to sell their shares to a private equity fund—before the company proceeded with an IPO. Police believe 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.
HYBE officials say Bang denies any wrongdoing.
Bang’s legal team expressed regret that police are seeking his arrest “despite our full and consistent cooperation with the investigation over an extended period.” They added, “We will continue to cooperate with all legal procedures and make every effort to clearly explain our position.”
Bang has been barred from leaving South Korea since August.
Source: abc7
