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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ABUJA PROPERTY ISSUE: EFCC DENIES DISOBEYING COURT ORDER. (PHOTO). #PRESS RELEASE

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 Abuja Property Issue:   EFCC DENIES DISOBEYING COURT ORDER


 


The attention of the Economic and Financial Crimes Commission, EFCC, has been drawn to some media reports insinuating that it disobeyed an order of Justice Musa Liman of the Federal High Court, Abuja directing its operatives to vacate a property situated at House 6, Aso Drive, Asokoro, Abuja. 


 


   While it is not in the character of the EFCC to respond to insinuations against it regarding judicial procedures and processes,  it is imperative that the miscarriage of facts contained in the media reports are corrected to avail the public ungarnished truths about the matter.


 


The EFCC is renowned for its avowed respect for the rule of law and no claim  of disobedience of court order can stand against  owing to the fact that the court granted an order of possession of the property to the Commission on March 27, 2025.  Justice Liman granted the order when the Commission submitted that the property was  a proceed of an unlawful act by a former Minister of Petroleum Resources,  Mrs Diezani Allison-Madueke  and forfeited to the government through an order of final forfeiture.


 


 It is also needful to state that the Commission neither suppressed nor misrepresented any material fact before the court in securing an ex-parte order on March 27, 2025 to get a tenant in the house,  Chief Ikechi Emenike to vacate the property because the contempt proceedings raised against Emenike in another court had no bearing on the judgment granting the possession of the property to the EFCC.


 


Available facts showed that Emenike was paying rent on the property when it was under interim forfeiture. Though he had a Tenancy Agreement with Diezani,  it is untrue that he had been paying rent to the EFCC for over 10 years. 


 


  Equally preposterous are claims that the court granted him a Right of First Refusal to purchase the property.  He was economical with the truths contained in the judgment of Justice Musa of April 18, 2024 where he clearly stated that Emenike should be allowed to “exercise the right of first refusal for the purchase of the said property whenever the Defendant announces or otherwise indicates that the property is to be disposed of, the disposal however to be at the prevailing market price to be determined by the Defendant upon a detailed valuation report from a reputable quantity surveyor”.  Till date, the Commission has not announced or indicated any readiness for the disposal of the property.  Enenike’s right of first refusal can, therefore, not hold any water.


 


Lastly, the Commission wishes to state that there is no subsisting contempt order on its Executive Chairman, Mr. Ola Olukoyede or its counsel in the matter, Mr. Francis Usani.  There was no order of the court served on the EFCC’s boss or his lawyer.  Besides, there is a pending Stay of Execution of the order of the court on June 16, 2025. The EFCC and its Chief Executive are law-abiding citizens.

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