South Korean Police Pursue Detention Warrant for BTS Agency Founder Bang
South Korean police requested a detention warrant on April 21 for Bang Si-hyuk. The move concerns alleged illegal trading tied to HYBE’s initial public offering.
Allegations Against Bang Si-hyuk
Investigators say Bang misled early investors ahead of HYBE’s stock market listing. They claim he directed those investors to sell shares to a private equity fund linked to his associates.
According to the police, the fund later sold its stake. Bang allegedly received about 30% of the profits under a prior shareholder agreement.
The authorities estimate the alleged illicit gains at roughly 190 billion won. That equals about $129.1 million using the stated exchange rate.
Company Response and Market Impact
HYBE and Bang have denied any wrongdoing. The company said it has cooperated fully with investigators.
HYBE’s shares fell 2.4% by the market close following the report. This contrasted with a 2.7% rise in the KOSPI benchmark index.
Travel Ban and U.S. Embassy Request
Bang has been barred from leaving South Korea since August of last year. The police said the U.S. embassy in Seoul asked for a temporary suspension of that ban.
The embassy’s letter reportedly sought permission for Bang and senior executives to travel to the United States. The stated purpose included attending a U.S. Independence Day event and holding talks tied to the BTS global tour.
The U.S. embassy declined to add comment on the matter.
Next Legal Steps
The Seoul Metropolitan Police Agency submitted the warrant request to the Seoul Southern District Prosecutors’ Office. Prosecutors will review the file and may seek a formal detention warrant.
If prosecutors apply for detention, a court typically schedules a hearing within two to three days. The hearing will determine whether to order an arrest.
Context
Bang is the founder and chairman of HYBE, the company behind the global K-pop group BTS. The investigation centers on potential breaches of capital market law during the IPO process.
For continuing coverage, Filmogaz.com will follow developments as the legal review proceeds.
