Prosecutors Reject Arrest Warrant for HYBE Chairman Bang Si-hyuk Over Stock Trading
South Korean prosecutors rejected a police request to arrest Bang Si-hyuk, the chairman and founder of HYBE, the company behind global K-pop group BTS. Police had sought the warrant over accusations of unfair stock trading.
South Korean prosecutors on Friday turned down a police request for an arrest warrant against Bang Si-hyuk, the powerful chairman behind K-pop giant HYBE Corporation.
Bang founded the company that manages BTS, one of the world's most successful music groups. Police had accused him of unfair stock trading and sought his detention as part of an ongoing investigation.
The Financial and Securities Crime Investigation Unit had requested the warrant, but prosecutors said there were insufficient grounds for arrest. They called for further review of the case instead.
HYBE has denied any wrongdoing throughout the investigation. The company said it provided all necessary documents during its stock market debut and that underwriters advised disclosure wasn't required for the agreement in question.
Bang's legal team expressed disappointment that police sought his detention despite what they called full cooperation with investigators over an extended period.
HYBE is one of the world's biggest music companies, home to BTS and other major K-pop acts that generate billions in revenue. Legal troubles for its founder could shake investor confidence and affect the global music industry.
Prosecutors will continue reviewing the case. Police may gather more evidence before making another arrest warrant request.
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