SEOUL, Aug 7 — Hybe chairman Bang Si-hyuk has announced he will return to South Korea to fully cooperate with an investigation into alleged unfair trading practices tied to the company’s initial public offering (IPO).
In an internal email to employees yesterday, Bang expressed regret over the confusion and concern caused by the controversy, according to a report by Yonhap.
“As founder and chairman, I feel a deep sense of responsibility to do everything in my power to ensure nothing takes away from the hard-earned attention and praise your work continues to receive,” he wrote.
“I am committed to a swift resolution to these matters, so that you may focus on what you do best — creating and sharing entertainment and culture that resonates around the world.”
Bang, who is currently overseas for business, made his first official comments on the case through the email.
He said he would return to Korea “to address these allegations and alleviate any stress or anxiety these events have caused our community.”
He is being investigated by the Financial Supervisory Service under the Seoul Southern District Prosecutors’ Office, following a criminal complaint filed by the Financial Services Commission on July 16.
The probe centres on allegations that Bang misled early investors in 2019 by denying plans for an IPO, prompting them to sell shares to a special purpose company linked to a private equity fund supported by Hybe executives.
Authorities believe Hybe was actively preparing for its IPO at the time, contradicting earlier claims made to investors.
After Hybe went public in October 2020, the special purpose company sold its shares, with Bang reportedly receiving 30 per cent of the resale profit — estimated at around 190 billion won (RM665 million) — under a prior shareholder agreement.
Police raided Hybe’s headquarters in Seoul in late July as part of the ongoing investigation.
The National Tax Service also launched a separate audit into the company on July 29, focusing on alleged fraudulent securities transactions and tax evasion related to the IPO.
It remains unclear when Bang will return to South Korea or when he will be formally questioned by investigators.
