South Korea police seek detention warrant for BTS agency founder over alleged illegal trading
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Hybe chairman Bang Si-hyuk is suspected of violating capital market laws. He has previously denied any wrongdoing.
PHOTO: REUTERS
SEOUL – South Korean police have requested a detention warrant for Mr Bang Si-hyuk, chairman of K-pop agency Hybe, over alleged illegal trading tied to the company’s initial public offering.
The Seoul Metropolitan Police Agency said Mr Bang is suspected of violating capital market laws by misleading early investors ahead of Hybe’s listing and steering them to sell shares to a private equity fund linked to his associates.
The police allege that after Hybe went public, the fund sold its stake and Mr Bang received about 30 per cent of the profits under a prior shareholder agreement, earning roughly 190 billion won (S$164 million) in illicit gains.
Mr Bang has previously denied any wrongdoing.
A statement from Hybe citing Mr Bang’s legal counsel said on April 21: “We regret that a detention warrant has been sought despite our full and consistent cooperation with the investigation over an extended period. We will continue to cooperate with all legal procedures and make every effort to clearly explain our position.”
Mr Bang is also the founder of Hybe, the music powerhouse behind global K-pop supergroup BTS.
Hybe shares reversed course after the report and were down 2.4 per cent by the market close, compared with a 2.7 per cent rise in South Korea’s benchmark Kospi.
The South Korean National Police Agency confirmed that the US embassy in Seoul recently sent a letter asking the authorities to allow Mr Bang to travel to the United States, despite a travel ban imposed during the investigation.
According to the police, the letter sought a temporary suspension of the ban, citing plans for Mr Bang and other senior executives to attend an event to mark US Independence Day and hold talks related to the ongoing BTS global tour.
The US embassy in Seoul said it did not have anything to add on that matter.
Mr Bang has been barred from leaving South Korea since August 2025.
The warrant request will be reviewed by the Seoul Southern District Prosecutors’ Office, and if prosecutors seek a detention warrant, a court typically holds a hearing within two to three days to decide whether to order Mr Bang’s arrest, according to local reports. REUTERS
