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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COURT SUSPENDS LABOUR PARTY’S NATIONAL CHAIRMAN,SECRETARY, OTHERS.(PHOTO).

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 Court Suspends Labour Party’s National Chairman, Secretary, Others


April 5, 20230


A Federal Capital Territory High Court has issued an order restraining the National Chairman of the Labour Party, Julius Abure; National Secretary, Farouk Ibrahim and two others from parading themselves as national officers of the party.


Others stopped from parading themselves as national officers are the National Organising Secretary, Clement Ojukwu and the Treasurer, Oluchi Opara.


Justice Hamza Muazu issued the restraining order while ruling in ex-parte application argued by a James Onoja.


In an application, Onoja told the court how the restrained National officers allegedly forged several documents of the FCT High Court to carry out unlawful substitutions in the last general elections.


Among the documents were the receipts, seal and affidavits of the Court to carry out criminal activities.


The Senior Counsel also tendered several documents, confirming to the Judge that the Chief Registrar of the Court, wrote the Labour Party to disown several documents used for the alleged criminal activities by Abure and three others.


Onoja adds that following their indictment by police investigation, the four people are to be arraigned in court adding that warrants for their arrest have already been obtained.


In a brief ruling, Justice Muazu held that the application and the supporting affidavits are a good case for the request to be granted.


The Judge subsequently ordered that the four people should immediately stop parading themselves as National Officers of Labour Party.

 

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