BTS agency founder faces arrest in Korean illegal trading probe
BTS agency founder faces arrest in Korean illegal trading probe
James Powel, USA TODAYTue, April 21, 2026 at 9:53 PM UTC
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South Korean police are seeking a detention warrant for the founder and chairman of the Korean entertainment company behind K-pop supergroup BTS.
The Seoul Metropolitan Police Agency has requested a warrant against Bang Si-hyuk, the head of HYBE, in connection with allegations of illegal trading surrounding the company's initial public offering.
Bang is accused of violating capital market laws by misleading early investors ahead of the IPO and steering them to sell shares to a private equity fund linked to his associates. Authorities allege that after HYBE went public, the fund sold its stake and Bang received about 30% of the profits under a prior shareholder agreement, earning roughly $129.1 million.
USA TODAY contacted HYBE for comment on April 21, but has not received a response.
Bang Si-Hyuk, Chairman of HYBE speak onstage as HYBE x Geffen Records Announce Contestants for Forthcoming Global Girl Group on August 28, 2023 in Santa Monica, California.Bang denies wrongdoing, HYBE says it's fully cooperating with police
Bang has denied wrongdoing, and HYBE said in a statement, published by Reuters, that it is cooperating with the investigation and will "make every effort to clearly explain our position."
"We regret that a detention warrant has been sought despite our full and consistent cooperation with the investigation over an extended period," the statement, citing Bang's legal counsel, said.
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The warrant request will be reviewed by the Seoul Southern District Prosecutors' Office. If prosecutors seek a detention warrant, a court typically holds a hearing on a potential arrest within three days, according to The Korea Times.
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Reuters and The Korea Times both reported that the U.S. embassy in Seoul recently sent a letter requesting that Korea's National Police Agency allow Bang to travel to the United States, despite a travel ban imposed during the investigation.
Police told Reuters that the letter sought a temporary suspension of the ban, imposed in August of last year, citing plans for Bang and other senior executives to attend an event marking U.S. Independence Day and hold talks related to the ongoing BTS global tour.
Contributing: Reuters
This article originally appeared on USA TODAY: BTS agency head Bang Si-hyuk faces potential arrest
Source: “AOL Entertainment”
