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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BUILDING CONTROL AGENCY REMOVES ILLEGAL STRUCTURE UNDER POWERLINE.(PHOTO).#PRESS RELEASE.

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BUILDING CONTROL AGENCY REMOVES ILLEGAL STRUCTURE UNDER POWERLINE


The Lagos State Building Control Agency (LASBCA) has removed an illegal structure built under a Powerline adjacent Hamed Adebowale Street, Aguda area of the State.


According to the General Manager of LASBCA, Arc. Gbolahan Owodunni Oki, the building under the powerline is a disaster waiting to happen because of the electromagnetic waves from it which may cause a fire outbreak hence the need for its removal.

Oki stated that the State Urban and Regional Planning and Development Law does not permit owners/developers to construct buildings under high-power electricity cables and it also specifies the distance that should be observed between a property and a public utility such as the PHCN Power lines. 
He reiterated the State Government’s commitment to safeguarding the lives and properties of Lagosians through thorough identification of illegal and non-conforming structures in the State, especially structures built under high-tension wire. “The safety and protection of lives and properties of the citizenry are paramount to the State Government.

Owners/developers must ensure that their buildings are not built under powerlines or high tension wires as such illegality will not be condoned by the present administration”, he stated. The General Manager also revealed that the agency would intensify its effort to rid the State of illegality in the built environment by ensuring that the State Building Codes are strictly complied with. 
Oki further enjoined the public to desist from erecting structures such as shops, offices, and residential houses amongst others under high-tension cables because of the immediate danger such an act poses.

He advised owners/developers to always abide by the building rules by fencing their structures and keeping all building materials within their space and not on the roads.

He also called on Lagosians to report any building irregularity noticed in their localities to the Agency for prompt and necessary action.  


 

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