SKorea cops seek arrest warrant for BTS agency founder
South Korean police have requested an arrest warrant for Bang Si-hyuk, the president of K-pop agency HYBE, for alleged illegal dealing linked to the company’s initial public offering.
The Seoul Metropolitan Police Agency said in a statement on Tuesday that Bang was suspected of violating capital markets laws by misleading early investors ahead of HYBE’s listing and directing them to sell shares to a private equity fund linked to his partners.
Police allege that after HYBE went public, the fund sold its shares and Bang made illegal profits of about 190 billion won (A$179.9 million), taking about 30 percent of the profits under a previous shareholder agreement.
Bang has previously denied any wrongdoing.
HYBE had no immediate comment when contacted by Reuters.
Bang is also the founder of HYBE, the music powerhouse behind global K-pop supergroup BTS.
The National Police Agency confirmed that the US embassy in Seoul recently sent a letter asking authorities to allow Bang to travel to the US despite a travel ban imposed during the investigation.
According to police, the letter requested a temporary suspension of the ban, citing plans by Bang and other senior executives to attend an event marking US Independence Day and hold talks regarding the ongoing BTS global tour.
The US embassy in Seoul said it had nothing to add on this matter.
Bang has been banned from leaving South Korea since August.
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