Bang Si-hyuk, HYBE chair and BTS agency leader faces arrest in South Korea
Bang’s legal challenges present issues for BTS, which recently reconvened after four-year break
South Korean authorities are seeking a warrant to arrest Bang Si-hyuk, the leader of BTS agency HYBE, due to a suspected investor fraud scheme.
The music industry leader faces arrest after Seoul's police expanded an allegation that Bang illegally acquired more than $100 million, requesting a court order for Bang’s arrest, reports the Associated Press.
A message from Bang’s legal team to Deadline stated: “We are disappointed that a detention warrant has been sought despite our full and consistent cooperation with the investigation over a lengthy period. We will continue complying with all legal proceedings and will endeavor to clearly explain our stance.”
Bang has previously stated he is not guilty of any misdeeds.
The accusations against Bang emerged last November, claiming he informed investors in 2019 that K-pop leader HYBE wasn't planning to go public, leading them to divest shares to a private equity.
An IPO happened later, and authorities believe Bang could have earned around KRW 190 billion ($130 million) through a transaction with the fund.
Bang is the chairman and creator of HYBE, widely recognised for hosting K-pop superstars BTS and other acts such as Tomorrow X Together, Seventeen, and Le Sserafim.
He's regarded as a paramount figure in the worldwide K-pop wave and one of South Korea‘s most notable entertainment tycoons.
HYBE functions across music production, management, technology, and lifestyle sectors.
Originally called Big Hit Entertainment, HYBE was established in 2021 following a reorganisation.
Bang’s legal challenges present issues for BTS, which recently reconvened after a four-year break partly due to South Korea’s military service mandate.
They held a free concert in Seoul last month and have since performed in Goyang and Tokyo, Japan.
They are set to start a series of performances in the US later this month. Bang has been under travel constraints during the investigation, but the US Embassy in Seoul has requested his entry into the States for the global tour.