'Sense of regret': HYBE founder Bang Si-hyuk apologizes to employees amid stock controversy

Home > Business > Industry

'Sense of regret': HYBE founder Bang Si-hyuk apologizes to employees amid stock controversy

Published: 06 Aug. 2025, 12:01 Updated: 06 Aug. 2025, 21:10

KIM MIN-YOUNG
[email protected]

Audio report: written by reporters, read by AI

Bang Si-hyuk, founder and chairman of K-pop agency HYBE, attends a conference held in Yeongdeungpo District, western Seoul, on Feb. 20. [NEWS1]

Bang Si-hyuk, founder and chairman of HYBE, issued an apology to employees on Wednesday as he faces allegations of fraud tied to the company's initial public offering (IPO) process.

“Over the last year, much has been said and written about me in the press,” Bang wrote in a company-wide email. Bang wrote, “Increasingly, I believe these events are causing confusion and concern for you, as well as our artists, fans and partners.”

“I care deeply for what we do and have immense respect for everyone at HYBE who has worked tirelessly to elevate K-pop and Korea’s place in global culture,” he wrote. “It's extremely unfair that these events should overshadow your efforts. That’s why I will return to Korea to fully and transparently work with investigators and put these allegations to rest.”

“By returning to Korea, it will be easier for me to fully cooperate with authorities to address these allegations and alleviate any stress or anxiety these events have caused our community,” Bang wrote. "In particular, I feel a deep sense of regret knowing that our members and artists, who should be focused solely on their creative and professional goals, might be suffering because of this situation.”

Bang is accused of misleading early investors — including venture capital firms — in 2019 into believing that HYBE's initial public offering would be delayed while arranging for a private equity firm set up by HYBE executives to acquire company shares through a special purpose company.

Following HYBE’s stock market debut, the special purpose company sold its shares, and Bang allegedly received 30 percent of the resulting profit based on a prearranged shareholder agreement. The NTS is now examining whether HYBE evaded taxes in the course of these transactions.

BY KIM MIN-YOUNG [[email protected]]