HYBE may be one of K-pop’s biggest companies, but the agency has been the talk of the town for an unfortunate reason. After being accused of a series of suspicious activities, founder Bang Si Hyuk (방시혁) finally addressed the allegations.
On Wednesday morning (6th August 2025), the music producer sent a company-wide email to address the recent scandal surrounding HYBE. The company and its chairman have been the target of a federal investigation over fraudulent illegal transactions during the company’s initial public offering (IPO) process. According to reports, Bang Si Hyuk is accused of misleading HYBE investors about the company’s IPO plans to make billions in profit.
Additionally, the 53-year-old is accused of having existing investors sell their stock to a special purpose corporation (SPC) established by a private equity fund. These allegations led to an investigation under the Financial Supervisory Service’s special prosecutors and a subsequent search and seizure at the HYBE headquarters. South Korean tax authorities also initiated a tax investigation against the company.
Responding to the allegations, Bang Si Hyuk expressed regret over the current situation and promised to cooperate with authorities for the investigation. His email marks the first time the public figure has addressed the issue. Since the music producer is currently overseas for work, he also said he put his commitments on hold and will return to South Korea as soon as possible to participate in investigations.
Bang Si Hyuk also claimed to have already provided an explanation to authorities about the company’s IPO situation during a previous investigation. However, the music executive said he will continue to cooperate in the current investigation and hopefully put the allegations to rest. He concluded the email, expressing a sense of regret over burdening the company and its artists with this issue.
Meanwhile, police forces are allowed to conduct additional searches at HYBE’s headquarters until 16th August. What are your thoughts on this?
Sources: Chosun, Korea JoongAng Daily
