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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SOMALILAND WARNS SOMALIA AGAINST TURKISH NAVY DEAL. (PHOTO).

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 Somaliland warns Somalia against Turkish Navy deal


Somaliland warned Somalia against agreeing to a deployment of Turkish troops off the coast of the breakaway state, according to Bloomberg.


Somalia and Turkey earlier this year signed a defense agreement to improve stability in the region, and an economic pact that includes developing the Horn of African nation’s hydrocarbon resources.


The move followed Somaliland’s own deal with Ethiopia in January that promised the landlocked nation’s navy an Indian Ocean base for 50 years. In exchange, Ethiopia would recognize the sovereignty of the semi-autonomous Somalia region - the first nation to do so.


President Recep Tayyip Erdogan is seeking parliament’s approval to send the navy ahead of a seismic research ship that will set sail at the end of September to prospect for oil and gas in three offshore blocks, according to state-run Anadolu Agency.


The foreign ministry in the breakaway region said in a statement on X it “vehemently rejects any potential deployment of Turkish naval forces within Somaliland’s recognized maritime zones.” 


Mohamed Abdi Dugoow, a communications adviser to Somalia’s presidency, wasn’t readily available for comment.


Somalia, which has been at war for three decades has seen its institutions eroded and relies on troops from other African countries to support its fledgling government. As a result of the instability, terror groups have flourished inland and piracy in its territorial waters forced the European Union to set up a naval operation there to protect the key shipping artery.


Turkey has long sought to anchor Somalia diplomatic ties with commercial activity. Turkish Airlines has been flying into Mogadishu since 2012, even when international airlines avoided the capital for fear of terror attacks. Last year, the state-owned Ziraat Katilim become the first foreign bank to operate in the country in more than five decades.

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