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...

NLC RAISES ALARM OVER ITS DELISTING FROM BOARD PF SOME FG AGENCIES. (PHOTO).


 NLC raises alarm over its delisting from board of some FG agencies


Nigeria Labour Congress, NLC, has raised the alarm over its removal from the boards of Federal Government agencies and the refusal to inaugurate the board other parastatals it statutory has representatives.


NLC in a protest letter to President Bola Tinubu dated July 2, 2024, said The latest was its removal from the board of NELFUND (Nigeria Educational Loans Fund).


The Protest letter signed by the President of NLC, Joe Ajaero, alleged that its removal from NELFUND’s board came after its representative attended two meetings and asked probing questions.


Consequently, an amendment to the Act was taken to the National Assembly de-listing NLC within a record time of two days or less.


In the letter titled “Letter of protest”, NLC among others, said “We wish to convey to you our  dismay and discontent at the hybrid war being waged against us by way of de-listing the Nigeria Labour Congress  from statutory boards  due to inexplicable reasons.


“In situations where the NLC  was not de-listed, such boards are not inaugurated.


“The latest in this vindictive war is the removal of NLC from the board of NELFUND (Nigeria Educational Loans Fund). Shortly after the representative of NLC  attended two meetings and asked probing questions, an amendment to the Act was taken to the National Assembly de-listing NLC within a record time of two days or less.


“Similarly, wnen we protested our exclusion from the Tax Board, assurances were given that we would be listed on the board. However, up till the time of writing this letter, that has not been done, yet workers represent the largest community of tax payers. We have other instances of de-listing but would rather not mention them for now.


Among boards yet to be inaugurated  where Congress has instititional representation are National Pension Commission PenCom, Nigeria Social Insurance Trust Fund, NISTF, National Directorate of Employment NDE, and National Productivity Centre, NPC.


“No reason has been adduced  for this but we do suspect our only possible crime is our culture of crticism or openness.


“We are concerned by  the declaration of this hybrid war  as it precludes us from rendering service to our members.


“We are equally worried that at a time  governments  and institutions around the world are going increasingly transparent, we seem to be going opaque.


“Your Excellency, some of these happenings may have been without your knowledge or approval.  Accordingly, we would request that you cause to be reversed these decisions.


“Similarly, we would wish to implore you to direct that the boards with NLC statutory representation be inaugurated without further delay. You need no lecture on the good roles of boards.


“As we await your intervention, please do accept the assurances of our highest esteem.”

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