Bang Si Hyuk breaks silence amid IPO fraud probe on HYBE
HYBE founder Bang Si Hyuk has addressed the federal investigation into alleged IPO fraud on August 6.
The controversy began when HYBE faced scrutiny for secretly selling off shares while publicly denying IPO plans. Authorities launched search and seizure at HYBE HQ on July 23, with investigations ongoing through August 16.
Bang Si Hyuk sent a company-wide email confirming his return to Korea to cooperate fully with the probe.
“In the recent years, my extended overseas visits were for music production for our artists who were preparing for their comebacks as well as for the expansion of our business for the company’s future.
I plan to temporarily delay my urgent work and business meetings and return to Korea as soon as possible to make it a priority to cooperate with the authorities.
I have already provided a lengthy and detailed explanation to the authorities relating to the IPO situation during their previous investigation into the situation. I will continue to faithfully respond to their ongoing investigation. I expect that the truth will be clarified through this investigation and I humbly await for their judgment.
I am fully aware that this personal issue is placing a constant burden on the company and the industry as a whole.”
— Bang Si Hyuk
Authorities treated the IPO fraud claims as serious, conducting multiple investigations into HYBE’s actions. Bang Si Hyuk’s statement marks the first official comment from the HYBE leader since the probe began.
