Bang Si Hyuk has spoken up about the IPO fraud allegations made against him and HYBE for the first time.
HYBE has been the target of a federal investigation for a series of suspicious activities during the company’s IPO process, lying to shareholdes that there were no plans for the company to begin the IPO while secretly selling off shares and pocketing the profits.
In relation to this, Bang Si Hyuk sent a company-wide email this morning, August 6, addressing the issue for the first time and expressing his intent to return to Korea to participate in the investigation.
In the recent years, my extended overseas visits were for music production for our artists who were preparing for their comebacks as well as for the expansion of our business for the company’s future.
I plan to temporarily delay my urgent work and business meetings and return to Korea as soon as possible to make it a priority to cooperate with the authorities.
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 ongiong investigation. I expect that the truth will be clarified through this investigation and I humbly await for their judgment.
I am fully aware that this personal issue is placing a constant burden on the company and the industry as a whole.
— Bang Si Hyuk
Police forces began their search and seizure at HYBE headquarters on July 23, and are allowed to conduct additional searches until August 16.
