South Korean prosecutors have declined a police request for an arrest warrant for Bang Si-Hyuk, the chairman of the company behind K-pop sensation BTS. They questioned the necessity of detention 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 insufficient grounds for detention and advised the police to bolster their case.
Bang, a billionaire and the founder of Hybe, has been prohibited from leaving the country since August but is not considered likely to flee. The 53-year-old is facing allegations of misleading investors in 2019 by suggesting that Hybe had no immediate plans to go public. This led investors to sell their shares to a private equity fund before the company went public. Police claim that the fund may have paid Bang approximately 200 billion won in a side deal guaranteeing him 30% of post-IPO stock sale profits.
Despite the accusations, Bang denies any wrongdoing, according to Hybe officials. His legal team has criticized the police for pursuing his arrest, stating that he has been fully cooperating with the investigation for several months. These legal issues pose a challenge for Hybe’s public image, coinciding with BTS’s return to the global stage after a long hiatus due to the members fulfilling their mandatory military service.
BTS recently performed at a free comeback concert in Seoul, attracting thousands of international fans. They have also held concerts in Goyang city and Tokyo, with upcoming U.S. events scheduled to kick off in Tampa, Florida, over the weekend.