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 SUMMON LOKPOBIRI, EKPO, KYARI OVER PETROL SCARCITY. (PHOTO).

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 Reps Summon Lokpobiri, Ekpo, Kyari Over Petrol Scarcity


The House of Representatives, on Tuesday, passed a resolution to invite the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri; and his counterpart for the gas sector, Ekperikpe Ekpo; over the fuel scarcity being experience in the country. 


The green chamber also summoned the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, over petrol shortages in the country.


This followed a motion of urgent national importance by a member of the House, Umar Ajilo, raising concerns over lingering queues at petrol stations nationwide.


The House expects the ministers and the NNPCL boss to explain the true reason for the scarcity and the measures put in place to bring it to an end. No date has been set for the engagement.


Fresh queues resurfaced in the country last week, lingering into the new week as stranded motorists buy petrol for as high as N800 per litre, while black marketers rake in as high as N1,500 per litre.


Meanwhile, the House has asked the Nigerian Electricity Regulatory Commission (NERC) to suspend the implementation of the new tariff.


The lower legislative chamber also passed the resolution during plenary session on Tuesday following the adoption of a motion of urgent public importance by a lawmaker, Kama Nkemkanma.

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