South Korean prosecutors have declined a request from the police for an arrest warrant for Bang Si-Hyuk, the chairman of the company behind popular K-pop group BTS. The prosecutors questioned the necessity of detaining Bang as he is under investigation for alleged investor fraud. The Seoul Metropolitan Police Agency had asked prosecutors to seek a court warrant for Bang’s arrest, but the Seoul Southern District Prosecutors’ Office found the grounds insufficient and advised the police to strengthen their case.
Bang, the billionaire founder of Hybe, has been restricted from leaving the country since August. Despite facing accusations of misleading investors in 2019 regarding Hybe’s plans to go public, which allegedly led to investors selling their shares before an initial public offering, Bang is not considered a flight risk. Police claim that a private equity fund may have paid Bang approximately 200 billion won in a side deal, promising him a share of post-IPO stock sale profits.
Bang and Hybe officials deny any wrongdoing, with his legal team emphasizing his full cooperation with the investigation over the past months. These legal challenges have created a negative image for Hybe as BTS embarks on a global tour following a lengthy hiatus due to the members’ military service obligations. The group recently performed for a large international audience in Seoul and held concerts in South Korea and Tokyo. Their upcoming events in the United States will begin with a concert in Tampa, Florida, this weekend.
