K-pop Power Player Bang Si-hyuk Faces Arrest Over Alleged Investor Fraud

The South Korean police are looking to arrest a big shot, executive music producer behind K-pop supergroup BTS, Bang Si-Hyuk, who is also the founder and chairman of Hybe, a company that, in 2021, secured management rights for key international artistes like Justin Bieber and Ariana Grande.

This comes following an alleged £100m investor fraud scheme.

Si-Hyuk is currently being investigated over claims that he told investors the organisation did not intend to go public, leading them to sell their shares to a private equity fund in 2019.

The company then went on with an initial public offering. Police believe the fund could have paid Si-Hyuk, generally regarded as one of the most powerful figures in South Korea’s music industry, about 200 billion won in a side deal.

The police have asked prosecutors to request a court warrant for Si-Hyuk’s arrest. He has also been banned from leaving the country since August. The mogul denies committing any offence.

Meanwhile, his legal team told the Associated Press that they had provided complete, 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,” they noted in a statement.