Bang Si-hyuk, chairman of HYBE and one of Korea’s most powerful entertainment executives, spent more than 12 hours at the Seoul Metropolitan Police Agency today, facing questioning over allegations that he secured ₩190 billion in illicit profits through fraudulent stock dealings.
Bang appeared before the Financial Crimes Investigation Division at 10 a.m., summoned as a suspect under the Capital Markets Act. By 10 p.m., the marathon inquiry was still underway, signaling the intensity of the probe.
Before entering the investigation room, Bang struck a contrite tone at the photo line:
"I apologize for causing concern. I will cooperate fully with the investigation," he said.
However, he declined to answer when pressed on whether he had lied to investors by denying IPO plans, telling reporters only: “I will speak during the investigation.”
The Alleged Scheme
Authorities allege that in 2019, months before HYBE’s IPO, Bang told investors there were no listing plans — prompting them to sell their shares. Those shares were acquired by a private equity fund tied to HYBE insiders, which created a special-purpose company (SPC) to absorb the stakes.
Despite his denials, investigators point to evidence that HYBE was already advancing listing procedures at the time, including the appointment of a designated auditor. When the IPO launched in 2020, the SPC reportedly offloaded its holdings for massive profits, with Bang personally receiving 30% of the proceeds — about ₩190 billion.
New Testimony Raises Stakes
The controversy deepened when Min Hee-jin, former ADOR CEO, came forward with testimony that Bang told her directly in early 2019 there was “no plan to list.” Min said she relied on that assurance when agreeing to a cash signing bonus instead of stock options, a detail now submitted as evidence in her legal battle with HYBE.
Financial regulators and prosecutors are scrutinizing whether such statements were part of a deliberate strategy to mislead investors — a question central to determining Bang’s intent.
Mounting Pressure on HYBE
This police interrogation follows a series of investigations engulfing HYBE in recent months, from a tax audit by the National Tax Service to a raid on its headquarters in July. The case has now been handed to the Seoul Southern District Prosecutors’ Office, signaling that authorities are treating the matter with gravity.
Bang continues to deny deliberate wrongdoing, telling employees in an earlier email that he had already explained the IPO process to regulators and would “wait humbly for authorities’ judgment.”
For now, investigators will decide whether his denials hold up against the mounting evidence — or whether the man behind K-pop’s biggest empire will face formal charges