South Korean prosecutors have turned down a police request for an arrest warrant for music mogul Bang Si-Hyuk, who is the chairman of the agency responsible for K-pop sensation BTS. The police had asked for the warrant, alleging investor fraud, but prosecutors found the grounds insufficient for his detention and urged police to bolster their case.
Bang, the billionaire founder of Hybe, has been under investigation for allegedly misleading investors in 2019 about the company’s plans to go public, leading them to sell shares to a private equity fund before an initial public offering. Police claim that Bang may have received around 200 billion won ($185.1 million Cdn) in a side deal promising him a share of post-IPO profits.
Despite the allegations, Bang denies any wrongdoing, according to Hybe officials. His legal team has criticized the police for pursuing his arrest, emphasizing his full cooperation with the investigation over several months.
These legal issues present a challenge for Hybe’s public image, coinciding with BTS embarking on a global tour following a lengthy hiatus due to the group’s members fulfilling mandatory military service. BTS recently performed at a comeback concert in Seoul, attracting thousands of international fans, and has also held concerts in Goyang city and Tokyo. The group is set to begin a series of events in the U.S. starting with a concert in Tampa, Florida, this weekend.