SOUTH KOREAN POLICE SEEK ARREST WARRANT FOR HYBE CHAIRMAN BANG SI-HYUK OVER ALLEGED $100 MILLION INVESTOR FRAUD SCHEME. (PHOTO).

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 South Korean police seek arrest warrant for Hybe chairman Bang Si-Hyuk over alleged $100 million investor fraud scheme    South Korean police are seeking an arrest warrant for Bang Si-Hyuk, the billionaire music executive behind K-pop powerhouse Hybe and BTS, as part of an expanding investigation into allegations that he improperly benefited from an investor scheme involving more than $100 million. Authorities said they have asked prosecutors to pursue a court warrant for Bang’s arrest as they continue probing claims that he misled investors in 2019. Investigators allege he told investors that Hybe had no plans for an initial public offering, leading them to sell shares to a private equity fund. The company later went public, and police suspect a separate arrangement may have resulted in Bang receiving a substantial payout tied to post-IPO stock profits. Bang’s legal team has not directly addressed the specific allegations but said he has cooperated with investigators an...
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OLD NAIRA NOTES: SUPREME COURT'S POSITION REMAINS VALID - LAGOS ATTORNEY-GENERAL .(PHOTO).#PRESS RELEASE

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SUPREME COURT'S POSITION REMAINS VALID - LAGOS ATTORNEY-GENERAL  


Lagos State Attorney-General and Commissioner for Justice, Mr. Moyosore Onigbanjo (SAN) has joined the debate, saying the rejection of the old notes is contrary to the Supreme Court's stand. 


Onigbanjo stated this when he appeared on TVC Business Show, adding that petrol stations, banks and others who reject the old notes could be prosecuted.  


 The Senior Advocate decried the lingering naira scarcity in the land and the high charges by Point-of-Sales operators that have fostered untold hardship on Nigerians. 



He noted that people who are hungry and have their means of livelihood eroded cannot care about any macro-economic policy or its short or long-term gain. 

The Attorney-General said: “There is a contract between a customer and a bank that says when you bring your money to us you can have it back on demand. Any bank that refuses to give the money on demand has violated the terms and conditions of that contract and can be sued. I will advise Lagosians who have experienced suffering and injury as a result of the situation to press charges”. 



In the Commissioner’s view, it is ridiculous that Nigerians are buying their own money. “Even the producers of goods and services are losing money due to the scarcity of new notes to purchase their products easily”, he said.  

On his legal perspective on the recent Supreme Court ruling, the AG noted that though President Muhamadu Buhari has enormous powers, he cannot repeal the order of the Supreme Court or any other court in the country. 



President Muhamadu Buhari announced this morning that the CBN would allow banks to circulate the old N200 notes until April 10. 



This is contrary to the Supreme Court’s position that the old and new notes should co-exist until the substantive matter, which will be heard on February 22, is heard.



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