BTS label boss Bang Si-hyuk faces possible arrest over alleged stock fraud

The founder of Hybe, the powerhouse behind global music sensation BTS, is facing serious allegations of stock fraud, potentially leading to his arrest. Police in South Korea are pursuing an arrest warrant for K-pop mogul Bang Si-hyuk, accusing him of misleading investors during Hybe's 2019 initial public offering.

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regret

Investigators claim Bang, who also chairs Hybe, misrepresented the company's listing prospects and pocketed an estimated 200 billion won ($136 million) through fraudulent trading. These allegations have cast a shadow over the company, which has seen its headquarters raided and assets frozen as the investigation intensifies. Calls for Bang's resignation as chairman have also surfaced.

Despite the mounting pressure and legal scrutiny, Bang Si-hyuk has denied any wrongdoing. His legal team has expressed regret over the police's move for an arrest warrant and pledged full cooperation with legal procedures to clear his name. This situation unfolds as BTS, the group that propelled Hybe to global prominence, embarks on a lucrative world tour, expected to generate over $1 billion in revenue.

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continue to co-operate with all legal procedures and make every effort to clearly explain our position

Under South Korean law, individuals convicted of illicit gains exceeding 5 billion won face severe penalties, including life imprisonment. Bang Si-hyuk, a pivotal figure in the global K-pop phenomenon, is renowned for transforming BTS into one of the world's most successful music acts. The outcome of this investigation will undoubtedly have significant implications for Hybe and the broader K-pop industry.

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becoming “like a tourist attraction… widely recognised and embraced by the global public.”