HYBE Chairman Bang Si-hyuk has addressed various allegations surrounding him for the first time.
On the 6th, Bang Si-hyuk expressed through an email sent to the company's members, "Due to several circumstances that have continued since last year, combined with my recent personal matters, my name and the company are being mentioned in unfavorable news every day. I feel a heavy sense of responsibility for causing such concern as the founder and chairman, and above all, I sincerely apologize to the members whose hearts have been uneasy due to all these situations."
He stated, "Since this endeavor began with the grand dream and sense of mission of advancing the music industry, I have prided myself on doing my utmost to maintain integrity throughout the process. However, I humbly reflect that this confidence may sometimes have appeared as arrogance. I am once again deeply examining if there were any shortcomings or oversights on my part during the process of growth."
He also noted, "Knowing that I am causing great concern to the members, the past few months without being able to respond more agilely to various allegations and controversies have been painful for me as well. Especially because of my personal issues, I have grown increasingly sorry that our members and artists, who should solely focus on their creative and business activities, might suffer direct or indirect harm. As a fellow creator, this situation has felt even more painful. Please kindly understand that, with an ongoing investigation by the authorities, I had to be cautious with each of my statements."
Additionally, Chairman Bang said, "I know better than anyone that I cannot allow my personal issues to continue burdening the company and the industry. Although my time abroad has been extended in recent years due to the music projects of artists preparing for comeback and the business expansion for the company's future, I will prioritize returning home soon to participate in the investigation process. As I have already explained in detail about the situation at the time of listing during the financial authorities' investigation, I will earnestly engage in the upcoming investigation and provide a thorough explanation once again. I expect that these facts will be clarified through this process and will humbly await the authorities' judgment."
Finally, he conveyed, "I will do my utmost to explain and resolve all these situations so that my personal issues do not become an obstacle to your talents and capabilities and your spirit of challenge. I will not forget that my role is to ensure that you can focus solely on creation and business in your respective positions. At the same time, like every member of HYBE, I will continuously reflect on my original intention to dedicate myself to the advancement of music and the industry."
Meanwhile, Bang is facing allegations (fraudulent trading under the Capital Markets Act) of having sold shares to a special purpose corporation (SPC) established by a private equity fund associated with him after stating that there were no plans for an initial public offering to existing investors before HYBE's listing in 2019.
[Photo] HYBE
[OSEN]