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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AUDITOR-GENERAL QUERIES CBN OVER $4.5BN MISSING FROM FOREIGN RESERVES. (PHOTO)

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 Auditor-General queries CBN over $4.5bn missing from foreign reserves

Auditor-General of the Federation, Shaaka Chira, has asked the Central Bank of Nigeria to offer an explanation for a missing $4.5 billion fund.


An audit report from the Office of the Accountant General said the missing sum was unaccounted for in Nigeria’s foreign reserves between 2018 and 2019.


The yearly audit report provides comprehensive information about the spending and financial affairs of the various ministries, departments, and agencies under the government in a fiscal year.


According to the report, the country’s foreign reserves, which stood at US$42,594,842,852.75 in December 2018, decreased to US$38,092,720,200.72 in 2019. By a simple calculation, US$4,502,122,652.03 could not be accounted for.


The violation occurred following the COVID-19 outbreak, during the tenure of Godwin Emefiele, the former governor of the apex bank currently standing trial in court over corruption allegations.


The Accountant-General has now urged CBN to offer explanations for the missing sum.


The audit report, stressing that the stability of the exchange rate may be jeopardised if the apex bank fails to justify the fund, stated: “This violates Section 25 of the Central Bank of Nigeria Act 2007, mandating the bank to endeavour to maintain external reserves at levels considered to be appropriate for the economy and the monetary system of Nigeria.”

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