BBC:
K-pop mogul Bang Si-hyuk, the man who created supergroup BTS, could be arrestedon charges of fraudulent trading before his $7.3bn company went public.
South Korean police have asked prosecutors to request a court warrant over accusations that he misled investors in 2019, by claiming a public listing for his conglomerate Hybe was not likely, while secretly preparing for it.
Hybe debuted on South Korea’s Kospi bourse in October 2020, and police allege Bang pocketed some 200bn won ($136m; £101m) as a result. He denies the allegations.
The case against Bang is long-running and has seen raids at Hybe’s headquarters, some of his assets frozen and calls for him to step down as company chairman.
The 53-year-old has maintained that his actions were above board. He has been banned from travelling abroad since August while the investigation is carried out.
The request for a warrant comes weeks after BTS – Hybe’s crown jewel and the reason for its immense success – kicked off a comeback world tour following a hiatus of nearly four years.
Industry watchers estimate that Hybe stands to make more than $1bn from the sold-out tour, which will take the group to 34 cities across the world.
The company’s shares hit a four-year high when BTS announced their world tour in January, adding over 1 trillion won to its market value.
Bang, who was instrumental in taking the group global, said in a recent interview with Billboard that BTS had become like a “tourist attraction… widely recognised and embraced by the global public”.
Under South Korean law, those convicted of making 5bn won or more in illicit proceeds face between five years in jail and a life sentence.
