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Hybe founder Bang Si-hyuk faces possible arrest over alleged stock fraud
via Punch Nigeria2 min read
Bang Si-hyuk, the founder of Hybe, the management company behind K-pop group BTS, could face arrest due to allegations of fraudulent trading related to the company's stock market debut. South Korean police have requested prosecutors seek an arrest warrant, claiming Bang misled investors in 2019 about Hybe’s initial public offering while allegedly preparing for the listing in secret. Police allege that Bang, who is also Hybe’s chairman, misrepresented the company’s listing prospects and financially benefited, reportedly pocketing approximately 200 billion won $136 million; £101 million. Bang has denied any wrongdoing, with his legal team expressing regret over the police's move and stating their intention to cooperate with legal procedures to clarify their position. The case, under investigation for months, has involved raids on Hybe’s headquarters, asset freezes, and calls for Bang to resign as chairman. He has also been under a travel ban since August. Hybe, listed on South Korea’s Kospi exchange in October 2020, gained global prominence largely through BTS. This development occurs as BTS begins a comeback world tour, projected to generate over $1 billion in revenue for Hybe. Under South Korean law, illicit gains exceeding 5 billion won can lead to penalties ranging from five years to life imprisonment. Bang Si-hyuk, who co-founded JYP Entertainment before establishing Big Hit Entertainment now Hybe, is considered a key figure in K-pop’s global rise.
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This summary was AI-generated from a story originally published by Punch Nigeria.
Al-Ittihad striker George Ilenikhena has reportedly committed his international future to Nigeria after discussions with Super Eagles head coach Eric Chelle. The 19-year-old, who was born in Lagos and moved to France as a child, is eligible to represent both countries but has not played for France at any level. Chelle has reportedly monitored Ilenikhena for almost a year and outlined his plans for the forward. While Ilenikhena was previously weighing options, reports suggest he could initially play for Nigeria’s U-23 team before joining the senior national side. This decision is seen as a boost for Chelle, who is building a squad for the Los Angeles 2028 Olympic Games and strengthening options for the 2027 Africa Cup of Nations qualifiers. Ilenikhena began his professional career with Royal Antwerp, then moved to AS Monaco, and joined Al-Ittihad earlier this year. He previously made UEFA Champions League history as the youngest African player to reach 15 appearances in the competition.
Nigerian striker Rafiu Durosinmi is set to become Genk's most expensive signing, with the Belgian club agreeing to a €10.5 million deal with Pisa. The agreement, which includes performance-related bonuses and a 10 percent sell-on clause for Pisa, will surpass Genk's previous record transfer of €7 million for Theo Bongonda in 2019. Durosinmi, 23, joined Pisa from Viktoria Plzen in January for approximately €9 million but scored only once in 12 appearances. Pisa's decision to sell was influenced by their relegation from Serie A, allowing them to recover most of their investment. Genk is banking on Durosinmi regaining the form he showed in the Czech Republic, where he was highly rated. The Belgian club has a history of developing Nigerian forwards, including Paul Onuachu and Tolu Arokodare, who both achieved success and moved to the Premier League. Standing at 1.92 meters, Durosinmi fits the profile of the powerful center-forward Genk traditionally develops. This move could also enhance his prospects for the Super Eagles, as regular play and goals in Belgium might bring him back into contention for Nigeria's national team.
Anthony Joshua is reportedly motivated to continue his boxing career for an additional three years, according to Matchroom chairman Barry Hearn. This new outlook follows earlier suggestions from promoter Eddie Hearn that 2026 might be Joshua's final year in the sport. Joshua's perspective shifted after a difficult period, including a car accident in Nigeria that resulted in the deaths of two friends and left him with minor injuries. He has since returned to fighting, knocking out Jake Paul in December. Joshua is scheduled to fight Kristian Prenga in Saudi Arabia on Saturday, while Tyson Fury faces Mariusz Wach in Thailand. If both win, a fight between Joshua and Fury is targeted for November. Despite speculation that the Fury bout could be Joshua's last, Barry Hearn states that Joshua has rediscovered his long-term ambition, now discussing fighting until around age 39. Hearn noted that Joshua is in an "amazing place" and highly motivated for the long term, partly fueled by the tragic accident.