South Korean police are seeking to arrest Bang Si-hyuk, the music executive behind BTS, over allegations he misled investors before his company, Hybe, went public. Authorities say he told investors in 2019 that a stock market listing was unlikely while privately preparing for it.
Hybe went public on South Korea’s Kospi exchange in October 2020. Investigators allege Bang earned around 200 billion won (approximately US$136 million) through undisclosed profit-sharing arrangements tied to the listing. He has denied all allegations and said he will continue cooperating with the investigation, according to BBC News.
The case comes as BTS recently returned with a global tour following a nearly four-year hiatus, with analysts estimating the comeback could generate more than $1 billion for Hybe. The group remains central to the company’s global success and influence.
The seven-member boy band is based in South Korea, but has taken over the world since its formation in 2013. Singles like 'Dynamite' and 'Butter' have been streamed billions of times and have sat atop charts around the world. Their influence goes beyond music, with huge contributions to South Korea's economy and global image.
Click on to find out more about this incredible group.