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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FAULTY METERING, OTHERS SETBACK TO TACKLING OIL THEFT- NMDPRA. (PHOTO).

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Faulty Metering, Others Setback To Tackling Oil Theft – NMDPRA

The Nigeria Midstream and Downstream Petroleum Regulatory Authority, (NMDPRA) has blamed faulty metering procedures, faulty instruments and lack of technology as some of the impediments to the efforts of the agencies in tackling oil theft.

A director in the agency, Mr Faruq Ahmed, disclosed this at the resumed investigative hearing of the House of Representatives adhoc committee on crude oil theft.

Mr Ahmed revealed that pipelines, well heads, and flow stations are also the major targets of oil thieves in Nigeria.

According to him, there is no proper monitoring of the metering of the crude oil produced for export due to lack of collaboration among agencies.

A member of the Committee from Rivers State Mr Awaji Abiante observed that pipeline location is not the cause of oil theft but the neglect of oil host communities.

The Chairman of the adhoc committee Mr Alhassan Rurum, insisted that the Group Managing Director of the NNPC Limited and other government agencies must physically appear before the committee to throw more light on their alleged involvement in crude oil theft.

Other agencies that are to appear, according to him, are the heads of Nigeria Maritime Administration and Safety Agency, (NIMASA) and the Nigeria Inland Waterways Authority, (NIWA), which must appear physically for investigation.

Mr Rurum said they are also to come with a list of all other agencies working in all export terminals of all the country’s oil sector.



 

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