Seoul Police Seek Arrest Warrant for HYBE Chairman Bang Si-Hyuk

The Seoul Metropolitan Police Agency confirmed on Tuesday that it has asked prosecutors to request a court warrant for the arrest of Bang Si-Hyuk. Bang is the founder and chairman of HYBE, the agency behind the global K-pop phenomenon BTS.

The investigation relates to allegations that Bang illegally gained more than $100 million in an investor fraud scheme.

Background of the Investigation

Bang has been under police investigation since November. The core allegations state that in 2019, Bang misled investors by telling them HYBE had no plans to go public. This allegedly induced those investors to sell their shares to a private equity fund before the company proceeded with its highly successful initial public offering (IPO).

Police believe the fund may have paid Bang approximately 200 billion won ($136 million) in a side deal that promised him 30% of post-IPO stock sale profits.

Statement from Bang's Legal Team

Bang's legal representatives issued a statement to The Associated Press that did not directly address the specific accusations.

The statement expressed regret that police were seeking his arrest "despite our full and consistent cooperation with the investigation over an extended period."

It added: "We will continue to cooperate with all legal procedures and make every effort to clearly explain our position."

Context and Broader Impact

Bang founded HYBE as Big Hit Entertainment in 2005. He is a prominent music executive and producer who oversees popular K-pop acts including BTS, Seventeen, Le Sserafim, and Katseye.

The legal developments occur as BTS has resumed global touring activities following a hiatus during which members completed mandatory military service.