▲ Bang Si-hyuk, founder and chairman of K-pop powerhouse Hybe that manages BTS, attends a conference of the Federation of Korean Industries in Seoul in this Feb. 20, 2025, file photo. (Yonhap)

 

SEOUL, Aug. 6 (Yonhap) -- Bang Si-hyuk, chairman of HYBE and founder of the global K-pop powerhouse behind BTS, issued a public apology on Wednesday over allegations of fraudulent practices during the company’s initial public offering (IPO) and pledged to return to South Korea promptly to cooperate with authorities.

 

In an email sent to HYBE employees, Bang stated, “Though I’ve had to spend considerable time overseas in recent years due to music production for upcoming artist comebacks and the company’s global business expansion, I will temporarily set aside urgent projects and meetings to return home and fully cooperate with the ongoing investigation.”

 

Bang is under suspicion of orchestrating a “fraudulent unfair trade” by allegedly misleading early investors—including venture capital firms—in 2019 about HYBE’s IPO plans. He is accused of selling shares to a special purpose company (SPC) linked to a private equity fund under his influence, despite allegedly telling investors there were no such plans.

 

Authorities have recently intensified their scrutiny. On July 24, police raided HYBE headquarters in Seoul’s Yongsan District. The Financial Services Commission’s Securities and Futures Commission (SFC) also referred Bang to prosecutors on July 16, prompting an investigation by the Financial Supervisory Service’s special judicial police under the Seoul Southern District Prosecutors’ Office. The National Tax Service has launched a separate audit into HYBE.

 

This is Bang’s first direct response to the accusations.

 

“I fully explained the situation during the financial regulator’s inquiry and will do the same during this investigation. I hope this process will reveal the truth, and I will humbly await the authorities’ judgment,” he said.

 

Acknowledging the reputational damage caused, Bang wrote, “As the founder and chairman, I feel deeply responsible for the concern and discomfort caused to all our team members due to this and other ongoing issues since last year.”

 

Bang also reflected on his leadership, saying, “Though I have pursued the vision of modernizing the music industry with pride and integrity, I now reflect on whether such confidence may at times have appeared as arrogance. I am closely examining whether I may have overlooked or mishandled anything during this growth journey.”

 

He apologized for the potential impact his legal troubles may have on HYBE artists and employees. “The past few months have been agonizing for me, especially knowing that my personal situation could indirectly harm those who deserve to focus solely on their creative and business endeavors. As a creator myself, the distress is even more personal,” he wrote.

 

Bang promised to take full responsibility: “I will do everything I can to clarify and resolve this matter so that it does not become an obstacle to your talent, capability, or ambition. My role is to ensure you can focus solely on your work without disruption.”

 

He concluded the message by reiterating his commitment to the company and industry: “I will continue to reflect and stay true to my original dedication to the growth of music and the entertainment sector. Once again, I sincerely apologize and thank you for your continued commitment.”

 

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