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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REPS RESOLVES TO REVISIT THE ABANDONED WIND POWER FARM PROJECT IN KATSINA. (PHOTO).

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 Rep’ Resolves to Revisit the Abandoned Wind Power Farm Project in Katsina 


House of Representatives has resolved to revisit the abandoned Wind Power Farm Project in Katsina State capable of generating additional 10 Megawatts of Electricity to the National Grid.


This was sequel to a motion by a member from Katsina State Alh Murtala Usman Banye, adopted by the lawmakers during a plenary session.


Alhaji Murtala Banye, explained that the project located at Lambar Rimi in Katsina State was introduced to serve as new model, cheaper and cleaner alternative source of energy that could be replicated across the board to rid the country of its frustration with hydro and gas electricity generation sources.


He said the wind power project was envisioned by the Katsina State government in 2005 and later taken over by the federal government in 2007 by the late President Umaru Musa Yar'adua administration to boost sustainable and renewable energy for a better environment.


Mover of the motion further expressed worried that the project, which was scheduled to be completed within 12 months, faced numerous unsuccessful commissions attempts even after the transmission line completion due to negligence and to some extent the devastating security situation in the State.


The lawmaker also maintained that various teams who visited the site including the Minister of power confirmed damages on the abandoned equipment after billions of naira has been expended on the project.


Adopting the motion, the house has directed its committees on power, works, finance,p public procurement and interior to investigate the matter and report to the green chamber in 4 weeks for further legislative action.

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