SEOUL, South Korea — South Korean police are looking to arrest Bang Si-Hyuk, the chairman of Hybe, the agency behind K-pop sensation BTS. They are expanding their investigation into allegations that he illegally profited over $100 million in an investor fraud scheme.
The Seoul Metropolitan Police Agency has asked prosecutors to request a court warrant for Bang’s arrest. His legal team expressed disappointment, stating they had cooperated fully with the investigation.
Since August, Bang has been unable to leave the country. Authorities are investigating claims that he misled investors in 2019 about Hybe’s plans to go public. This led investors to sell shares to a private equity fund, which then paid Bang around 200 billion won ($136 million) in what’s believed to be a side deal.
Hybe officials assert that Bang denies any wrongdoing. The timing of this legal trouble is significant as BTS prepares for its global tour after a break of nearly four years for mandatory military service. Last month, the group performed in front of thousands at a free concert in Seoul and has planned upcoming shows in the U.S., including a concert in Tampa, Florida.
Bang, who founded Hybe in 2005, is a key figure in the K-pop industry. His vision led to Hybe’s massive success, including a billion-dollar acquisition of Ithaca Holdings in 2021, securing rights to artists like Justin Bieber and Ariana Grande. However, Hybe has faced challenges, including conflicts between Bang and top producer Min Hee-Jin over the popular girl group NewJeans. Their dispute escalated last year and involved court proceedings.
The aftermath of these issues could have far-reaching effects on Hybe and its artists. As BTS continues to capture global attention, fans and market analysts are keenly watching how these legal developments will impact the agency and its star performers.
Recent statistics show that the K-pop industry continues to boom, contributing around $5 billion to the South Korean economy in 2022. This rise has led to an increase in scrutiny and accountability within the industry, prompting calls for transparency and fair practices.
For more on these developments, check the South Korea police’s official reports here.
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