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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SOUTH AFRICA'S RAMAPHOSA URGES 'RULES-BASE' GLOBAL ORDER. (PHOTO).

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 South Africa's Ramaphosa urges 'rules-based' global order


The erosion of multilateralism threatens global growth and stability, President Cyril Ramaphosa warned at a G20 finance meeting in South Africa marked by the absence of the US treasury secretary, AFP reported.


Two days of talks of finance ministers and central bank governors from the world's leading economies opened a week after a meeting of G20 foreign ministers was snubbed by US Secretary of State Marco Rubio who complained of its "anti-Americanism".


"The erosion of multilateralism presents a threat to global growth and stability," Ramaphosa said in his opening address.


"At this time of heightened geopolitical contestation, a rules-based order is particularly important as a mechanism for managing disputes and resolving conflict," he said.


America's snub


"Multilateral cooperation is our only hope of overcoming unprecedented challenges, including slow and uneven growth, rising debt burdens, persistent poverty and inequality, and the existential threat of climate change."


South Africa this year holds the rotating G20 presidency and has chosen the theme "Solidarity, Equality, Sustainability".


US Secretary of Treasury Scott Bessent said on February 20 that he would not attend the Cape Town meeting because he was too busy.


Just days before, Rubio had accused the G20 hosts of an "anti-American" agenda. It followed criticism from President Donald Trump about land reforms in South Africa aimed at redressing inequalities perpetrated during the apartheid era.


Economic and financial stability


"South Africa is doing very bad things. Expropriating private property. Using G20 to promote 'solidarity, equality, and sustainability,'" Rubio wrote on social media.


"My job is to advance America's national interests, not waste taxpayer money or coddle anti-Americanism."


The Group of 20 (G20) brings together the world’s leading economies to discuss international economic and financial stability.


It includes 19 countries and the African Union and the European Union which together represent around 85 percent of global GDP.

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