HYBE founder Bang Si Hyuk has been in hot water ever since he was alleged to have committed financial fraud within the company. An investigation is currently ongoing in the case, and Si Hyuk has also been banned from travelling abroad for the time being. Now the National Museum of Korea, which had posted a picture of the HYBE CEO with the museum’s director, has deleted the picture of the two posing together, which was previously uploaded on Instagram. Read on to know more.
National Museum of Korea Deletes Picture Featuring Bang Si Hyuk After Backlash
On Thursday, October 4, the National Museum of Korea deleted a post which showed Bang Si Hyuk and National Museum of Korea’s director Yoo Hung Jun signing a Memorandum of Understanding (MoU). The MoU was an agreement between the two parties on developing a Muse, a combination of a museum and goods. The product is based on the connection between Korea’s cultural heritage and pop music.
As soon as the post was uploaded on Instagram, it was met with heavy backlash. The criticism was centred around the ongoing investigation into Bang Si Hyuk over the undisclosed IPO scandal. According to Hankyoreh, a state institution is not allowed to promote any individual who is under fraud charges and a travel ban.
In 2019, he was accused of insider trading and blindsiding company investors. The founder is said to have made a profit of over 400 billion won after HYBE went public. If true, Bang Si Hyuk has violated South Korea’s Capital Market Act. Surprise search raids were also conducted at the HYBE headquarters. Si Hyuk, on the other hand, has denied all allegations and has agreed to cooperate with the authorities.
Also Read: Here’s Why South Korean Authorities Have Banned HYBE Founder Bang Si Hyuk From Travelling Abroad
The HYBE chairman was also recently put under a strict travel ban, which forbids him from leaving the country until the investigation concludes.
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