South Korean prosecutors have declined a police request for an arrest warrant for Bang Si-Hyuk, the chairman of the agency behind the popular K-pop group BTS, citing doubts about the necessity of his detention amid an ongoing investigation into alleged investor fraud. This decision comes after the Seoul Metropolitan Police Agency sought a court warrant to arrest Bang earlier in the week, prompting the Seoul Southern District Prosecutors’ Office to determine that the grounds for his detention were insufficient and advising the police to bolster their case.
Bang, the billionaire founder of Hybe, has been under investigation for allegedly deceiving investors in 2019 by suggesting that Hybe had no immediate plans to go public, leading them to sell their shares to a private equity fund just before the company went public. Police claim that Bang may have received around 200 billion won ($185.1 million Cdn) in a side deal from the fund, promising him 30% of post-IPO stock sale profits.
Despite the allegations, Bang denies any misconduct, with Hybe officials supporting his innocence and emphasizing his full cooperation with the investigation over several months. The ongoing legal issues faced by Bang pose a challenge for Hybe’s public image, especially as BTS embarks on a global tour following a lengthy hiatus due to the members fulfilling mandatory military service.
BTS recently delighted fans with performances in Seoul, Goyang city, and Tokyo, drawing large international crowds to their comeback concert. The group is set to begin a series of events in the United States, starting with a concert in Tampa, Florida, this weekend.
