Bang Si Hyuk pulls out of major K-Pop speech amid fraud investigation.
HYBE founder and chairman Bang Si Hyuk has canceled his keynote at the Korea Enterprises Federation’s Summer Jeju Forum, set for July 16-19. The event gathers South Korea’s top business leaders. Bang was set to discuss “Beyond the BTS Phenomenon: The Future Of K-Culture.”
His withdrawal follows intensifying legal scrutiny. South Korea’s Securities and Futures Commission (SFC) plans to refer Bang to prosecution for alleged fraudulent and unfair trading before HYBE’s IPO.
Authorities say Bang misled early investors about IPO plans while secretly arranging share sales to a private equity fund tied to an acquaintance. Bang is also accused of a secret profit-sharing deal omitted from HYBE’s filings.
HYBE CEO Lee Jae Sang will replace Bang at the forum.
The SFC will review the case during their meeting on July 16.
“Bang allegedly misled early investors about IPO plans while arranging for shares to be sold to a private equity fund connected to an acquaintance.” – South Korea’s Securities and Futures Commission
The controversy adds pressure on HYBE, which just joined the KEF as a member company. Bang’s planned speech was highly anticipated as a roadmap for HYBE’s global growth post-BTS.
Fans and industry watchers are closely monitoring the situation as legal troubles mount for the K-Pop mogul.
