The man at the center of one of K-pop’s biggest corporate storms—HYBE Chairman Bang Si Hyuk—has finally spoken up. And while the statement was polished, apologetic, and heartfelt, the storm around him isn’t exactly calming down.
On August 6, Bang Si Hyuk sent an internal email to all HYBE employees addressing the growing controversy around his alleged involvement in pre-IPO fraud. In his own words, he acknowledged the “confusion, sense of loss, and concern” caused by the nonstop headlines tying both his name and HYBE’s to an expanding financial investigation. He apologized sincerely, calling himself responsible for the discomfort and distraction.
If you’ve missed the scandal: Bang is currently under investigation for allegedly misleading early investors in 2019 by claiming there were no plans to take HYBE public. But surprise—there were. The company then allegedly sold shares through a special purpose company connected to a private equity firm he was associated with. Now he’s being investigated under Korea’s Capital Markets Act for possible fraudulent and unfair trading practices.
As of July 16, Korea’s Securities and Futures Commission formally referred him to prosecutors. Not long after, on July 29, the National Tax Service decided to launch a separate investigation into HYBE itself. Translation: the pressure is very real.
In his message, Bang explained that his silence wasn’t avoidance, but a necessary response while legal authorities conducted their probe. He also said he felt deep guilt over the potential fallout that creators and artists might face due to his personal issues. And while he’s been working abroad on music projects and global expansion, he now plans to return to Korea and fully cooperate with investigators.
He promised to continue offering explanations to authorities, expressed gratitude toward his employees for keeping the company running amid the drama, and emphasized his commitment to resolving the situation without letting it damage the creative energy or spirit of HYBE’s workforce.
Whether his return will help stabilize the growing PR mess or lead to further complications remains to be seen. But for now, one thing is clear: this is no longer a silent scandal. The founder has spoken—and now all eyes are on what comes next.
