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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GUINEA-BISSAU DISSOLVES PARLIAMENT AFTER COUP ATTEMPT.(PHOTO).

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Guinea-Bissau dissolves parliament after coup attempt

The President of Guinea-Bissau, Umaro Embalo, issued a decree on Monday dissolving the parliament after an attempted coup in the West African nation.

Violence had erupted between members of the national guard and special forces of the presidential guard on Thursday night in the capital, Bissau, leaving two people dead before the army ordered its forces back to barracks.

Embalo, who was in Dubai attending the COP28 climate conference, arrived back in Bissau on Saturday and announced that an “attempted coup d’etat” had prevented him from returning earlier.

On Monday, he said there had been “complicity” between the national guard and “certain political interests within the state apparatus.”

That meant “the normal functioning of the institutions of the Republic has become impossible,” he added.

“The date of forthcoming legislative elections will be set at the opportune moment, in line with the constitution,” Embalo said in a communique.

Since gaining independence from Portugal in 1974, the country has seen a series of coups and coup attempts.
Elected to a five-year term in December 2019, Embalo survived a bid to overthrow him in February 2022.


 

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