South Korea police seek detention warrant for BTS agency founder Bang

South Korean police have requested a detention warrant for Bang Si-hyuk, the chairman of Kpop agency HYBE, over alleged illegal trading tied to the company's initial public offering.



The Seoul Metropolitan Police Agency said 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.



Police 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 190 billion won in illicit gains.



Bang has previously denied any wrongdoing.



Bang is also the founder of HYBE, the music powerhouse behind global Kpop supergroup BTS.



The National Police Agency confirmed that the U.S. embassy in Seoul recently sent a letter asking authorities to allow Bang to travel to the United States, despite a travel ban imposed during the investigation.