"Bang Si-hyuk is suspected of violating capital market laws by misleading early investors of the HYBE agency in 2019, prompting them to sell shares to a private equity fund linked to his associates."
"Investigators say Bang later received about 30% of the fund's post-IPO profits under a prior agreement, earning roughly 190 billion won ($129 million)."
"The case comes as BTS resumes touring after a nearly four-year hiatus, launching a global tour that will take the band to 34 cities across the world."
South Korean police have sought an arrest warrant for Bang Si-hyuk, chairman of HYBE, over an alleged investor fraud scheme. He is suspected of misleading early investors in 2019 regarding the company's plans to go public. Bang allegedly encouraged investors to sell shares to a private equity fund linked to his associates, later profiting significantly from the fund's post-IPO earnings. The investigation has been ongoing since November, and Bang has denied any wrongdoing. The case arises as BTS resumes its global tour after a hiatus due to military service.
Read at www.dw.com
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