BTS's Bang Si-hyuk, Chairman of HYBE, has officially addressed allegations of fraudulent trading.

On the 6th, Chairman Bang sent an email to HYBE members. He opened the message by saying, "Although my time abroad has been prolonged, I returned home momentarily to prioritize the government's investigation process."

He stated, "During the financial authority's investigation, I provided a detailed explanation regarding the circumstances at the time of the listing. I will continue to cooperate sincerely with the investigation," adding, "I expect that the facts will be revealed and will humbly await the authorities' judgment."

He apologized to employees and affiliated artists, saying, "I feel a heavy sense of responsibility for causing concern," and expressed, "Most importantly, I want to apologize to all members who may have felt uncomfortable due to this situation."

He further mentioned, "I also feel tremendous remorse that members and artists, who should be engaging in creative and business activities, might suffer direct or indirect harm due to personal issues," and added, "As a creator myself, it has been even more painful."

He explained, "This work commenced with a great dream and a sense of mission to advance the music industry. I have prided myself on being upright. However, I reflect on whether that confidence might have sometimes appeared as arrogance."

Finally, he emphasized, "I am examining deeply whether there were any shortcomings or oversights that I failed to address during my growth process, and I will steadfastly ensure that you can focus on your creativity and business in your respective positions."

Chairman Bang is under suspicion of fraudulent trading under the Capital Markets Act. Allegedly, before HYBE's listing in 2019, he informed existing investors that there were no plans for an Initial Public Offering (IPO) while encouraging them to sell shares to a special purpose corporation related to him.

On the 24th of last month, police conducted a search of HYBE's headquarters in Yongsan, Seoul. The Securities and Futures Commission under the Financial Services Commission also reported Chairman Bang to prosecutors on the 16th of last month. The National Tax Service has also initiated a tax audit against HYBE last month.

<Photo provided by HYBE>