"Korean police arrest BTS's Bang Si-hyuk, K-pop mogul"...Bang Si-hyuk's side says, "Regret the arrest warrant, will explain fully"

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[Financial News] Bang Si-hyuk's side, the chairman of HYBE, said on the 21st that it was "regrettable" in response to the Seoul Metropolitan Police Agency's request for an arrest warrant.
On the 21st, Bang Si-hyuk's legal team said, "It is regrettable that an arrest warrant was requested despite our long and sincere cooperation with the investigation," adding, "We will faithfully respond to future legal procedures and do our best to explain our position."
That day, the Financial Crime Investigation Unit, Seoul Metropolitan Police Agency, said it had requested an arrest warrant for Bang on charges of fraudulent unfair trading.
The allegation is that in 2019, after Bang told HYBE investors that there were "no plans for a stock listing," he had them sell their stakes to a private equity fund. Under a confidential agreement previously made with the fund, he allegedly received 30% of the proceeds from the post-listing sale, securing nearly 200 billion won in illicit gains.
Bang Si-hyuk has said that he did not deceive early investors, but made the decision at the request of investors. He also explained that the profit-sharing arrangement was a condition first proposed by the investor. "The underwriters at the time legally reviewed the shareholder agreement," he said, adding, "We believe there was no violation of any laws or regulations."
Meanwhile, major foreign media outlets, including Bloomberg News and AP, quickly reported the police's request for an arrest warrant for Bang. AP reported that "the legal risk is becoming a burden on HYBE's external public relations efforts, as it comes at a time when BTS's full-group comeback world tour is set to begin."
jashin@fnnews.com Shin Jin-a Reporter