HYBE’s founder and chairman, Bang Si Hyuk, has been involved in a huge scandal. The businessman has been accused of insider trading and financial fraud. A surprise raid was conducted by the authorities at the HYBE headquarters recently, indicating the seriousness of the allegations. Now, Bang Si Hyuk has finally spoken up about the matter, and this is what he has to say. Read on to know more.
HYBE has been under federal investigation for allegedly misleading shareholders during its IPO process. Authorities suspect that, despite claiming there were no plans to go public, top executives secretly sold off shares and profited from them. The case intensified after a search operation was carried out by the police at HYBE headquarters on July 23. Investigators are provided with a special warrant that allows them to investigate the entertainment company till August 16.
What Did HYBE’s Bang Si Hyuk Say In His Statement
On August 6, Bang Si Hyuk sent out a company-wide email addressing the issue. He shared that his recent overseas stays were for music production and expanding the company’s future business goals. However, he announced that he will now be putting those activities on hold to return to Korea and fully cooperate with authorities.
Bang Si-hyuk mentioned that he had already provided detailed explanations during a previous investigation. The HYBE founder also stated that he will respect the legal process and cooperate with the relevant authorities.
The founder, in his statement, said, “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 their judgment. I am fully aware that this personal issue is placing a constant burden on the company and the industry as a whole.”
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This is Bang Si Hyuk’s first public response since news of the allegations surfaced. His decision to return to South Korea and cooperate with the investigation comes at a crucial time with all eyes on HYBE.
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