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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ALLEGED CERTIFICATE FORGERY: COURT DISMISSES NYSC'S OBJECTION TO MBAH’S N20BN SUIT.(PHOTO).

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𝐀𝐥𝐥𝐞𝐠𝐞𝐝 𝐂𝐞𝐫𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐞 𝐅𝐨𝐫𝐠𝐞𝐫𝐲: 𝐂𝐨𝐮𝐫𝐭 𝐃𝐢𝐬𝐦𝐢𝐬𝐬𝐞𝐬 𝐍𝐘𝐒𝐂’𝐬 𝐎𝐛𝐣𝐞𝐜𝐭𝐢𝐨𝐧 𝐓𝐨 𝐌𝐛𝐚𝐡’𝐬 𝐍𝟐𝟎𝐛𝐧 𝐒𝐮𝐢𝐭

Justice Inyang Ekwo of the Federal High Court Abuja has dismissed the preliminary objection filed by the National Youth Service Corps (NYSC) against Enugu State Governor Peter Mbah’s N20 billion suit over alleged certificate forgery.

In his ruling, Justice Ekwo held that the provisions of Section 20 of the NYSC Act do not relate to Mbah, as he is not currently a serving NYSC member, an intended one, or an employee of the corps.

At the last adjourned date, the counsel for NYSC had argued that Mbah contravened the NYSC Act in the institution of the suit.

While urging the court to strike out the suit, he said Mbah did not appeal to the President as required by the provisions of Section 20 of the NYSC Act before instituting the suit against them.

Mbah’s counsel urged Justice Ekwo to dismiss the objection on the grounds that the sections cited in the NYSC Act were not applicable in the instant suit and that a counter affidavit and written address had been filed in response to the preliminary objection.

Amongst other reliefs, Mbah in his counter affidavit said that Section 20 of the NYSC Act, which NYSC’s lawyer referred to, did not apply to him.

The NYSC issued a disclaimer on February 1, 2023, in response to a request for information on the NYSC status Peter Mbah, pursuant to section 1 of the Freedom of information act 2011.

Mbah averred that upon completion of the NYSC service, he was issued the certificate of National Service No. A.808297 dated 6th January 2003.

DSS’ Tribunal Testimony
Earlier this month, the Department of State Security (DSS) debunked claims by the NYSC that Mbah forged his discharge certificate at the ongoing Enugu State Governorship Election Petition Tribunal.

The DSS made its position known in a written statement on oath adopted by its representative, Mr Yahaya Isa Mohammed.

Giving evidence, the subpoenaed DSS Deputy Director, Operations and Strategic Department said the security agency commenced an investigation into the discharge certificate controversy, following a petition to it by Mbah dated February 8, 2023.

The DSS said the certificates in a series that included Mbah’s were found to have been issued to Corps members in Lagos, contrary to the NYSC’s claim.

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