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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NAFDAC APPREHENDS AND ARRAIGNS FALSIFIED MEDICINE MANUFACTURERS IN KANO HIGH COURT. (PHOTO). #PRESS RELEASE

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 PRESS RELEASE


NAFDAC APPREHENDS AND ARRAIGNS FALSIFIED MEDICINE MANUFACTURERS IN KANO HIGH COURT


Today, NAFDAC arraigned three individuals and Giddyson Healthcare Limited before the Federal High Court, Kano, on a five-count charge for manufacturing, distributing, and selling substandard and falsified medicines. The defendants, Mr. Amao Gideon, Alumona Godwin Okwiludili, and Hillary Onah Paul Chigozie, were involved in producing counterfeit medicines with zero active ingredients.


The falsified medicines include:


• Asian Ampicillin 125mg + Cloxacillin 125mg/5ml powder for oral suspension for children.


• Asian Ampicillin 125mg/5ml powder for suspension for children.


• Erythromycin 125mg/5ml powder for suspension for children.


• Artil-Go (Artemether 20mg + Lumefantrine 120mg/5ml) suspension for children.


Laboratory tests from NAFDAC Kaduna revealed that these products contained no active medicinal ingredients, posing severe risks such as treatment failure and potential death. Furthermore, these products were unregistered with fake numbers and addresses. The illegal factory in Tafa, Niger State, has been sealed following a discreet investigation.


NAFDAC reiterates its zero-tolerance stance on substandard and falsified medicines. The agency urges all Nigerians to report any suspicious activities to help eradicate this menace from our society. Together, we can protect the health and safety of all citizens.


Prof. Mojisola Christianah Adeyeye, FAS Director-General/CEO

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