HYBE Chairman and Founder Bang Si-hyuk announced he will return to Korea to fully cooperate with an investigation into alleged unfair trading practices.
In an internal email to employees on Wednesday, Bang expressed regret over the “confusion and concerns” caused by the controversy. “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, pledging to address the allegations directly.
Bang is under investigation by the Securities and Futures Commission for allegedly misleading investors in 2019. Authorities say he falsely claimed HYBE’s IPO would be delayed, leading investors to sell shares to a special purpose company backed by HYBE executives. The company was allegedly already preparing for its IPO, and the SPC later sold the shares at a profit, with Bang reportedly receiving 30 percent of the gains under a shareholder agreement.
HYBE is also facing a separate National Tax Service probe into alleged fraudulent securities transactions related to its IPO.
“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 told staff.
Source: Korea Times
