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Police Seek Arrest of K-Pop Boss
South Korean police want to arrest Bang Si-Hyuk. He is the founder and chair of HYBE.
HYBE is the agency behind K-pop group BTS. Police asked prosecutors to request a court warrant for his arrest.
A court must still approve the warrant. The warrant is linked to an investor fraud case.
Police say Bang illegally gained more than $100 million. Reports say the scheme involved Bang telling investors in 2019 that HYBE would not go public.
Police say he then steered investors to sell shares to a private fund linked to his associates. He reportedly received about 30% of profits after the public listing.
Bang has denied wrongdoing. His legal team said they had cooperated with investigators. They said they regretted that a warrant was still sought.
Klear Note — HYBE is South Korea's biggest music company. It manages BTS, one of the world's most popular music groups. Fraud cases against major business leaders often draw attention in South Korea.
Key Terms 5
- HYBE
- South Korean music company that manages BTS and other K-pop acts
- warrant
- A court order allowing police to arrest someone
- investor fraud
- Tricking people who put money into a company
- IPO
- When a company first sells its shares to the public
- private equity fund
- A group that pools money to buy shares in companies