South Korean police Tuesday said they seek an arrest warrant for Bang Si-Hyuk, Hybe chairman and BTS agency head, over alleged investor fraud exceeding $100 million. Police said they asked prosecutors for court warrant as probe expands.
Bang is accused of misleading investors in 2019 by saying Hybe would not list, prompting share sales to a private fund before IPO. Authorities suspect a 200 billion won ($136m) side deal granting him 30% IPO profit share.
His lawyers said he regrets the arrest move despite full cooperation, and denies wrongdoing. He is barred from leaving Korea since August.
The case hits Hybe as BTS returns after four-year military hiatus. The group held comeback shows in Seoul, Goyang and Tokyo, and will tour US starting Tampa, Florida.
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Bang founded Hybe (Big Hit) in 2005 and built it into a K-pop giant, later buying Ithaca Holdings for $1 billion in 2021, managing Justin Bieber and Ariana Grande. Hybe includes Seventeen, Le Sserafim and Katseye.
The company also faced dispute between Bang and producer Min Hee-jin over Ador and NewJeans in 2024; court ordered NewJeans to honor contract until 2029 according to officials and court rulings the investigation remains ongoing at this stage police said report adds.