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This comes days after Bang also wrote an email to the employees of his company and assured them that he would fully cooperate with the investigators.
HYBE manages some of the biggest names in K-pop, including BTS.
HYBE’s founder and chairman, Bang Si-hyuk, has returned to Seoul amid the ongoing investigation involving alleged stock manipulation by him. Recently, South Korea’s media publications reported that the founder of the agency, which handles BTS, returned to the country on August 11 and is now planning to cooperate with the police investigation.
Later, HYBE also confirmed to a local publication that Bang returned to Korea and that they “plan to cooperate with the police investigation as much as possible and will faithfully undergo the investigation.”
This comes days after Bang also wrote an email to the employees of his company and assured them that he would fully cooperate with the investigators. “Over the last year, much has been said and written about me in the press. Increasingly, I believe these events are causing confusion and concern for you, as well as our artists, fans, and partners,” the email read, as reported by Forbes.
“I will return to Korea to fully and transparently work with investigators and put these allegations to rest,” Bang, who is currently in the U.S, wrote. “In particular, I feel a deep sense of regret knowing that our members and artists, who should be focused solely on their creative and professional goals, might be suffering because of this situation … I understand how my absence may have contributed to confusion and frustration,” it added.
Why Is HYBE Under The Radar?
Bang Si-hyuk, founder and chairman of Hybe – the South Korean entertainment company which handles BTS, has been accused of indulging in fraudulent activities. As reported by allkpop, Bang has been accused of engaging in fraudulent and unfair trading under the Capital Markets Act.
The financial watchdog is investigating Bang over allegations that he misled investors by denying any plans for an IPO. With this, he encouraged them to sell their HYBE shares to a private equity fund (PEF) linked to him. This was around the time when HYBE was secretly preparing to go public. Therefore, when the company eventually did file for an IPO, Bang reportedly benefited through a 30% return-sharing deal with the PEF, a transaction not disclosed during the IPO process.
This means that if found guilty and the gains exceed 5 billion KRW (approximately $3.64 million), Bang could face life imprisonment or a minimum of five years in prison.
For the unversed, HYBE manages some of the biggest names in K-pop, including BTS, Tomorrow X Together, LE SSERAFIM, NewJeans, BOYNEXTDOOR, and KATSEYE.
Chirag Sehgal works as a Senior Sub-Editor in the Entertainment team at News18.com. With an experience of five years in the media industry, he largely focuses on Indian television coverage. Apart from bringing …Read More
Chirag Sehgal works as a Senior Sub-Editor in the Entertainment team at News18.com. With an experience of five years in the media industry, he largely focuses on Indian television coverage. Apart from bringing … Read More
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