Credit: MBC News
Bang Si Hyuk, founder and chairman of HYBE, has announced he will return to Korea to cooperate with authorities amid mounting allegations of fraudulent transactions worth roughly 400 billion KRW (approx. 290 million USD).
The move comes after weeks of scrutiny surrounding the company and its leader, with critics pointing to an “owner risk” factor as HYBE faces a wave of legal and financial controversies. Until now, Bang had been staying overseas, sparking questions about accountability both inside and outside the company.
In an email sent to HYBE employees on August 6th, Bang explained, “In recent years, I’ve had to spend extended periods abroad due to upcoming artist comebacks, music production, and overseas business expansion. But I’ve decided to put urgent projects and meetings on hold to promptly return to Korea and take part in the investigation process as my top priority.”
He added, “As I’ve done before with the FSS (Financial Supervisory Service), I will provide a detailed explanation of the circumstances around HYBE’s IPO and fully cooperate with the upcoming investigations. I hope the facts will be clarified through this process and will humbly await the authorities’ judgment.”
Bang also expressed his remorse, writing, “Over the past year, coupled with my own personal matters, both my name and the company’s name have repeatedly appeared in negative headlines. I can only imagine the confusion, disappointment, and concern this has caused for those who take great pride in being part of HYBE.”
He continued, “I feel deeply sorry that my personal issues might directly or indirectly affect the creativity and business activities of our members and artists. I’ve been cautious about speaking publicly during the ongoing investigation, but I ask for your understanding.”
Bang closed by vowing to stay true to his original vision: “Like every member of HYBE, I will remain dedicated to the growth of music and the industry, without losing my sense of purpose, and will continue to reflect on my actions.”
The allegations stem from before HYBE’s 2020 IPO, when Bang is accused of misleading early investors—including venture capital firms—by claiming there were no plans to go public. Prosecutors allege he then arranged for a special purpose company tied to his private equity interests to buy their shares. The Seoul Metropolitan Police raided HYBE’s Yongsan headquarters on July 24th, while the National Tax Service launched a separate tax audit last month.
Police Seek Warrant for HYBE, Bang Si Hyuk Amid Fraud Probe
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