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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GROUP PETITIONS BENUE GOVERNOR OVER ALLEGED ILLEGALITIES AT BOARD OF INTERNAL REVENUE.(PHOTO).

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GROUP PETITIONS BENUE GOVERNOR OVER ALLEGED ILLEGALITIES AT BOARD OF INTERNAL REVENUE


28th July, 2023

A group known as Benue Advocate for Good Governance (BAGG) has petitioned the Benue state Governor, Rev Fr Hyacinth Alia, alleging illegalities at the states’ Board of Internal Revenue (BIR).

In an open letter jointly signed by Tersoo Abagi and Inelagwu Adakole on behalf of the organisation, the group said, “We The Benue Advocate For Good Governance wish to convey to you the unwholesome illegal activities going on at the board of internal revenue services under the watchful eyes of the acting chairman and some other key officials in your government who are bent on sabotaging your efforts towards building the Benue of our dreams.”

 According to the petition, “We discovered with great dismay that touts are still collecting revenue on behalf of BIRS office with connivance of some BIRS staff. We also discovered that receipts are been reprinted and sold with the money going to private pockets. This is going on especially at Zaki Biam, Katsina-ala, Ugba and Vandeikya check points.

“We also discovered with great dismay that one Sonter Biam is the arrow man in charge of collecting this illegal monies, the aforementioned Sonter has never been a staff of the board of internal revenue therefore he has no justification to be involved in tax collection.” 

The implications of this unwholesome activities, BAGG said, cannot be over emphasized as it has negative impact on the state image and the eruption of leakages, high level diversion of state revenue into private pockets resulting to a decline of revenue generation for the state. Judging from the dilapidated income of the state at a time we are in dare need of funds to function any act of revenue diversion and sabotage should be totally discouraged and frowned at.

The group therefore recommended that, “There should be a holistic overhaul of the board of internal revenue services. The governor as a matter of urgency shop for a competent, reliable and dependable resource personality who is vast in forensic auditing and has a considerable knowledge of modern techniques of revenue generation as a possible replacement. 

“On the whole therefore, the generality of state development is hinged on here internal generated revenue base therefore the display of incompetence by the acting chairman should be replaced with immediate effect for the overall good of the state.”

They urged the governor to compare what the acting chairman has so far generated since assumption of office as the acting chairman and “see for yourself if we are being irrational here.”

Credit: blueprint

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