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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$6BN MAMBILLA PROJECT ALLEGED FRAUD: COURT GRANTS EFCC'S MOVE TO AMEND CHARGES AGAINST AGUNLOYE. (PHOTO). #PRESS RELEASE.

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 $6bn Mambilla Project Alleged Fraud: Court Grants EFCC`s Move to Amend Charges against Agunloye


Justice Jude Onwuegbuzie of the Federal High Court,   FCT sitting in  Apo, Abuja on Thursday, January 23, 2025 granted the prayers of the Economic and Financial Crimes Commission, EFCC to amend charges brought against  a former 

Minister of Power, Olu Agunloye and make him take his plea.

 

Agunloye is standing trial by the  EFCC on seven-count charges, bordering on official corruption and fraudulent award of Mambilla Power Project contract to the tune of $6billion (Six Billion United States Dollars).

 

Earlier on July 1 2024, Prosecution Counsel, Abba Mohammed, SAN, drew the attention of the court to the amended charge, urging the court to accept same and cause the defendant to take his plea, relying on the provision of Section 216 and 217 of the Administration of Criminal Justice Act, 2015.


However, defense counsel, Adeola Adedipe, SAN objected to the plea arguing  that the leave of the court must be formally sought and obtained before the EFCC can amend its charge.


Responding, the court directed parties to furnish the court with authorities in support of the argument canvassed to which the EFCC made reference to the Court of Appeal’s decision in Bovoa v FRN & Anor (2017).


During Thursday's ruling, the judge held that amendment was not intended to overreach the defendant and cause injustice to him and that a court may permit an alteration or amendment to a charge or framing of a new charge at any time before judgment is pronounced.


“In the court`s final decision, the arguments of the learned counsel to the defendant are hereby discountenanced and therefore hold that the application is liable to succeed accordingly, I so hold, subsequently the application is hereby granted as prayed on the face of the motion paper and the defendant is hereby ordered to take his plea on the altered or amended charge, this is the ruling of the court”.


Justice Onwuegbuzie adjourned the matter to February 3, 2025 for the defendant to take his plea.

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