Bang Si Hyuk, chairman of HYBE and the mastermind behind global pop sensation BTS, returned to South Korea on Monday amid an escalating investigation into alleged fraudulent practices during the company’s initial public offering (IPO).
Bang returned from the U.S. at the request of the police. With his return, the investigation is expected to move forward more quickly.
“A search and seizure of HYBE was conducted last month, but Chairman Bang’s mobile phone was not submitted due to his overseas schedule,” a police official said. “With his return, the investigation is expected to proceed quickly.”
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HYBE has remained cautious in its public statements, saying Tuesday that it will “cooperate fully with the police investigation” and that Bang “will faithfully participate in the questioning.”
Bang addressed the situation in an email to HYBE employees, assuring them he would prioritize the investigation to avoid any impact on the company’s artists.
“Due to music production and business expansion, I have inevitably spent extended periods overseas,” Bang wrote. “However, I will momentarily set aside urgent work and business meetings to return to Korea promptly and prioritize cooperating with the authorities.”
An industry source said Bang “feels pressured” and plans to remain in Korea to address the matter directly.
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