South Korean police are seeking to arrest the music mogul behind K-pop supergroup BTS over an alleged £100m investor fraud scheme.
Bang Si-Hyuk, who is widely seen as one of the most powerful figures in South Korean music, is being investigated over allegations that he told investors Hybe had no plans to go public, which convinced them to sell their shares to a private equity fund in 2019.
The company then proceeded with an initial public offering.
Police believe that the fund may have paid Bang, who is the founder and chairman of Hybe, around 200bn won (£100m) in a side deal.
South Korean pop band, BTS, are preparing for a comeback tour after serving national mandatory military service. Pic: AP
The Seoul Metropolitan Police Agency has since asked prosecutors to request a court warrant for Bang’s arrest.
The billionaire, who has been barred from leaving the country since August, denies any wrongdoing. His legal team told the Associated Press that they had offered “full and consistent cooperation with the investigation over an extended period”.
“We will continue to cooperate with all legal procedures and make every effort to clearly explain our position,” the statement said.
Bang is often credited with being behind the global success of BTS, who have become one of the biggest music groups on the planet.
In 2021, the firm secured management rights for other major global acts, including Justin Bieber and Ariana Grande.
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The legal troubles come ahead of the group’s highly anticipated global tour after an almost four-year hiatus as they served mandatory military service.
They are due to kick off a series of US events with a concert in Tampa, Florida, later this month.
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