South Korean Police Seek Arrest of BTS Agency Founder Bang Si-hyuk South Korean police have requested a detention warrant for Bang Si-hyuk, the chairman of K-pop agency Hybe, over alleged illegal trading related to the company’s 2020 initial public offering. The Seoul Metropolitan Police Agency’s financial crimes investigation unit said it has booked Bang on charges of fraudulent and unfair trading and is moving to capture him into custody. The agency alleges that he violated South Korea’s Capital Markets Act and secured roughly 190 billion won ($129 million) in illicit gains during Hybe’s IPO process. According to reports across Korean media, the case centers on a private equity arrangement that police allege was structured to mislead early Hybe investors. Seoul authorities have said Bang deceived early shareholders ahead of the agency’s listing by steering them to sell their stakes to a private equity fund linked to his associates — then received about 30 percent of the fund’s profits under a prior agreement after Hybe went public. Bang has previously denied any wrongdoing. His legal team in a statement to The Associated Press expressed regret that police were seeking his arrest “despite our full and consistent cooperation with the investigation over an extended period.” The statement added: “We will continue to cooperate with all legal procedures and produce every effort to clearly explain our position.” Bang has been barred from leaving South Korea since August of last year as the probe has progressed. Hybe has not yet released a public response to Tuesday’s developments. The move comes just a day after Seoul police commissioner Park Jung-bo said during a press briefing that the investigation into Bang was “essentially complete” and would be wrapped up soon.
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