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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FG SPENT $1.5BM TO PROTECT OIL INSTALLATIONS IN FOUR YEARS-SGF. (PHOTO).

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 FG Spent $1.5bn To Protect Oil Installations In Four Years — SGF


The Federal Government has spent over $1.5 billion from 2020 to date to protect the nation’s oil installations and curb crude oil theft.


The Secretary of the Government of the Federation (SGF), George Akume, made this known on Thursday at a public hearing of the House of Representatives on crude oil theft.


Akume was represented by the Permanent Secretary, General Services, Maurice Nandi.


The SGF said the Federal Government was worried about the report of the Nigerian Extractive Industries Transparency Initiative (NEITI) which pointed to over $46 billion worth of stolen crude between 2009 and 2020.


The House had set up a special committee headed by the Chairman, House Committee on Petroleum Upstream, Ado Doguwa, to investigate the losses in the oil and gas sector.


Also, Speaker of the House Tajudeen Abbas, represented by Deputy Speaker Benjamin Kalu, said $10 billion has been lost in seven months to crude oil theft, and no magic can be done by the government with such a loss.

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