"The music mogul - whose company oversees groups including BTS and Katseye - is being investigated over allegations that he misled investors in 2019, prompting them to sell their shares to a private equity fund that he had an illegal side deal with."
"Police have accused Bang of gaining more than $100 million in this fraud scheme. Per HYBE officials, Bang denies any wrongdoing."
"His legal team shared a statement expressing regret that police are seeking his arrest 'despite our full and consistent cooperation with the investigation over an extended period.'"
"According to Korea's National Police Agency, the U.S. Embassy in Seoul recently sent a letter to authorities requesting that Bang's travel ban be temporarily lifted so he can come to the U.S. with other HYBE execs."
The Seoul Metropolitan Police Agency has requested a warrant for the arrest of HYBE founder Bang Si-hyuk over allegations of misleading investors in 2019. Bang is accused of gaining over $100 million through a fraud scheme involving an illegal side deal with a private equity fund. Despite the investigation, Bang denies any wrongdoing and his legal team expresses regret over the arrest request. Meanwhile, the U.S. Embassy has requested a temporary lift of his travel ban for an Independence Day event, but an arrest warrant could complicate plans.
Read at Vulture
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