South Korean police have asked prosecutors to request a court warrant over accusations that he misled investors in 2019, by claiming a public listing for his conglomerate Hybe was not likely, while secretly preparing for it.
Hybe debuted on South Korea’s Kospi bourse in October 2020, and police allege Bang pocketed some 200bn won ($136m; £101m) as a result. He denies the allegations.
The case against Bang is long-running and has seen raids at Hybe’s headquarters, some of his assets frozen and calls for him to step down as company chairman.
The 53-year-old has maintained that his actions were above board. He has been banned from travelling abroad since August while the investigation is carried out.
The request for a warrant comes weeks after BTS – Hybe’s crown jewel and the reason for its immense success – kicked off a comeback world tour following a hiatus of nearly four years.
Industry watchers estimate that Hybe stands to make more than $1bn from the sold-out tour, which will take the group to 34 cities across the world.
The company’s shares hit a four-year high when BTS announced their world tour in January, adding over 1 trillion won to its market value.
Bang, who was instrumental in taking the group global, said in a recent interview with Billboard that BTS had become like a “tourist attraction… widely recognised and embraced by the global public”.
Under South Korean law, those convicted of making 5bn won or more in illicit proceeds face between five years in jail and a life sentence.
Who is Bang Si-hyuk?
Bang’s passion for music started at a young age. He was part of a band in middle school that performed songs he wrote, while a budding songwriting career began in his university years.
In 1997, Bang co-founded JYP Entertainment with singer-songwriter Park Jin-young. Like Hybe, JYP is today one of the “big four” K-pop conglomerates.
One of Bang’s and Park’s early successes was first-generation group g.o.d, which earned them a reputation as hit composers and gave Bang the nickname “Hitman Bang”.
In 2005, Bang left JYP to start his own venture, Big Hit Entertainment, known today as Hybe. He began creating a seven-member boy group in 2010, but it took a few years for BTS, as we know it today, to take shape.
The group was initially conceived as a hip-hop crew, but Bang decided to adopt a “K-pop idol model” after considering “the business context”, he told Time in an interview in 2019.
In the years since their launch, BTS has gone on to become among the most successful pop groups in history, including being the first Korean act to top Billboard’s Hot 100 and the first Asian group to surpass five billion streams on Spotify.
Shares in Big Hit Entertainment debuted in October 2020 at $235 a piece, more than doubling the initial public offering price of $110.
In 2019, Bloomberg put Bang’s net worth at about $770m – this has since skyrocketed to more than $2bn. As of last month, Bang held more than 13 million Hybe shares, valued at nearly 5 trillion won, according to the Korea CXO Research Institute, a Seoul-based corporate analysis firm.
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