HYBE Chairman Bang Si-Hyuk Apologizes In Leaked Email To Employees
Bang, who is currently in the U.S. on business, says in a leaked internal email sent this morning (around 9 a.m. KST) to all HYBE employees – including BigHit, BeLift Labs, Source Music, ADOR, KOZ Entertainment, and Pledis Entertainment- that he regrets having these events overshadow the company and artists' hard work. He vows to return to Seoul and make things right.
Sent by a source with connections to the company, the email discusses Bang, who has been focused on BTS' reunion and other HYBE artists overseas, and his concerns over allegations affecting company employees, who should be 'focused solely on their creative and professional goals.' He promises to address these allegations himself to alleviate any stress, anxiety, concerns, or confusion to the company and its staff.
Check out the full email sent below, translated in English:
Bang and other executives have been accused of misleading early investors, persuading shareholders to sell their stakes to a private equity firm set up by HYBE associates. Bang allegedly received 30% of the profits (nearly 400 billion Korean won, approximately $288 million today) following the IPO.
The company is also facing a separate tax investigation over alleged fraudulent securities transactions and tax evasion connected to their HPO from the National Tax Service.
The HYBE offices in Seoul were raided two weeks ago by the Seoul Metropolitan Police Agency's Financial Crime Investigation Division on a search warrant issued on July 17. HYBE has denied any wrongdoing, stating that its IPO plans were never concealed and were openly discussed with investors.
HYBE Global Communications Team declined a request for comment on the email and Bang's plans to return.
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