ENTERTAINMENT
HYBE Chairman Bang Si-hyuk Apologizes Amid IPO Fraud Allegations, Vows Full Cooperation with Investigation
On the morning of the 6th, Bang sent an email to HYBE employees, acknowledging the negative news surrounding him and the company. He expressed his deep sense of responsibility and offered a sincere apology to the employees for any discomfort caused by the situation.
Bang stated, "As the founder and chairman, I feel a heavy responsibility for causing such concerns. I apologize sincerely to all employees who may have felt uneasy due to these circumstances."
He further emphasized his commitment to resolving the issue, stating, "I am well aware that my personal issues should not continue to burden the company and the industry. I will prioritize returning to the country promptly to cooperate with the authorities' investigation. Just as I provided detailed explanations during the financial authorities' investigation, I will continue to do so in the upcoming inquiries."
Bang is accused of misleading existing investors in 2019 by claiming there were no plans for an IPO, while allegedly encouraging them to transfer their shares to a private equity fund linked to him. The IPO eventually proceeded, and Bang reportedly received approximately 190 billion won in illicit gains, equivalent to 30% of the sale profits from the private equity fund.
Full Email from Bang Si-hyuk
Dear HYBE Members,
It has been a while since I last reached out to you via email.
Amid various situations since last year, coupled with my recent personal matters, my name and the company's name have been mentioned in unfavorable news. I can only imagine the confusion, loss, and concern you, who take pride in being part of HYBE, must be feeling. As the founder and chairman, I feel a heavy responsibility for causing such concerns, and I sincerely apologize to all employees who may have felt uneasy due to these circumstances.
HYBE was the starting point of my journey to realize the ideals and dreams I have cherished as a creator. I aimed to create a platform where creators could present their unique works to the world and artists could freely pursue their dreams. I also hoped to improve the quality of life for industry professionals, allowing everyone to feel happiness and pride. This journey, which began on a small scale, has expanded with the intention of becoming a strong support for creators, artists, employees, and industry professionals, and has grown with the empathy and love of many.
I have always been proud of my efforts to maintain integrity in the process, driven by the grand dream and sense of duty to advance the music industry. However, I humbly reflect on the possibility that my confidence may have been perceived as arrogance. I am once again deeply examining whether there were any shortcomings or oversights in the growth process that I failed to address.
I am well aware of the significant concerns I have caused among employees, and the past few months have been distressing for me as well, as I was unable to respond more swiftly to various suspicions and controversies. I am particularly sorry for any direct or indirect harm that may have come to our employees and artists, who should be solely focused on creation and business activities, due to my personal issues. As a creator myself, this situation has been especially painful. I ask for your understanding, as I had to be cautious with my words during the ongoing investigation by the authorities.
However, I am well aware that my personal issues should not continue to burden the company and the industry. Although I have spent extended periods abroad in recent years due to urgent work and business meetings, I will prioritize returning to the country promptly to cooperate with the authorities' investigation. Just as I provided detailed explanations during the financial authorities' investigation, I will continue to do so in the upcoming inquiries. I expect that the facts will be clarified through this process, and I will humbly await the authorities' judgment.
I extend my infinite gratitude to the HYBE members who have steadfastly maintained their positions amid the confusion. Your dedication, the relentless challenges of passionate creators, and the brilliant activities of our artists are the most powerful forces driving HYBE. The remarkable achievements we are currently witnessing domestically and internationally would not have been possible without the sweat and effort of each and every one of you. I have always held deep respect for your sincerity and capabilities in creating a content industry that captures the world's attention with the intangible asset of music.
I will do my utmost to ensure that my personal issues do not become obstacles to your talents, capabilities, and spirit of challenge. I will focus on explaining and resolving this situation so that you can concentrate solely on creation and business in your respective positions. I will not forget that my role is to steadfastly protect this, and like all HYBE members, I will continue to reflect and remain committed to the development of music and the industry.
To all HYBE members who continue to shine in their respective positions today, I once again deeply apologize and bow my head in gratitude.
Sincerely,
Bang Si-hyuk
Kim Ji-won, TenAsia Reporter one@tenasia.co.kr
