"The Seoul metropolitan police agency confirmed it had asked prosecutors to request a court warrant for the arrest of Bang, the founder and chair of HYBE."
"Bang has been under investigation since November over allegations that he misled investors in 2019 by telling them HYBE had no plans to go public."
"Police believe the fund may have paid Bang about 200bn won ($136m) in a side deal that promised him 30% of post-IPO stock sale profits."
"Bang's legal troubles are a major public relations setback for HYBE, coming as BTS embarks on a global tour after a nearly four-year hiatus."
South Korean police are seeking to arrest Bang Si-Hyuk, founder and chair of HYBE, amid allegations of investor fraud exceeding $100 million. The police have requested a court warrant for his arrest. Bang's legal team expressed regret over the arrest request, emphasizing their cooperation with the investigation. The allegations stem from claims that Bang misled investors in 2019 regarding HYBE's plans to go public. This legal situation poses a significant public relations challenge for HYBE as BTS resumes its global tour after a hiatus.
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]