Bang Si-hyuk, the influential chairman of HYBE, has issued a heartfelt apology to the company’s members and staff for the distress caused by recent fraud allegations connected to the company’s initial public offering (IPO) process. Known for founding HYBE and producing some of K-pop’s biggest acts, including BTS, Bang acknowledged that the controversies around him have cast a shadow over HYBE’s thriving music endeavors. He conveyed in an internal email that, despite previously having to remain overseas due to urgent artist comebacks and business matters, he intends to return to Korea promptly to cooperate fully with ongoing investigations by financial and legal authorities.
The allegations center on accusations that before HYBE’s IPO in 2019, Bang misled venture capital and other investors by concealing IPO plans, instead directing shares to a special purpose company linked to him. The police conducted a high-profile raid on HYBE’s headquarters in late July, adding fuel to an intense investigation supported by the Financial Supervisory Service and the Prosecutor’s Office. Amid these developments, Bang emphasized his commitment to transparency and expressed hope that the truth will be revealed through the investigation.
Deeply aware of the potential impact his personal issues might have on the company’s larger ecosystem, including beloved artists and employees, Bang expressed his remorse for any inconvenience caused. He stressed the importance of shielding HYBE’s creative talents and staff from negative repercussions, urging understanding for his cautious communications during the sensitive ongoing probe. With his promise to responsibly handle these challenges, Bang reaffirmed his dedication to advancing the music industry and supporting HYBE’s future growth, recognizing that protecting the company’s reputation and its people is paramount.
