SEOUL — The company behind BTS, the world’s biggest K-pop group, has been thrust into the spotlight after its founder and chairman, Bang Si-hyuk, appeared before police on Monday for questioning over allegations of unfair trading tied to HYBE’s landmark initial public offering (IPO).

Bang, known globally as “Hitman” Bang, apologized upon arrival, saying he regretted “causing concern” and pledged to “fully cooperate with the investigation.”

Police suspect that Bang and several former HYBE executives misled shareholders before the IPO by suggesting no listing was planned, which led some to sell their stakes to a private equity fund’s vehicle. HYBE later went public in 2020, and investigators allege Bang gained roughly 190 billion won (about $140 million) from the fund’s share sale.

The probe, which began late last year, has already seen raids on the Korea Exchange and HYBE headquarters, while the Financial Supervisory Service’s special judicial police are conducting a separate inquiry into potential unfair trading.

Why This Matters for BTS
HYBE’s global reputation largely rests on BTS, the seven-member group that spearheaded the K-pop wave worldwide. The IPO in question was itself fueled by BTS’s massive commercial success, which turned Bang into the first billionaire of South Korea’s entertainment industry.

Although BTS is currently on a group hiatus while members fulfill mandatory military service, HYBE continues to manage its global fan platform Weverse, run subsidiaries such as Source Music and Pledis, and prepare for BTS’s expected full return in 2025. The investigation into Bang raises questions over the company’s governance and transparency at a time when fans and investors are watching closely.

Who is Bang Si-hyuk?
Bang Si-hyuk (b. 1972) is the producer-turned-mogul who created Big Hit Entertainment—later HYBE—and discovered BTS’s leader RM as a teenager. His vision turned BTS into a record-breaking act, reshaped the global perception of K-pop, and made HYBE one of Asia’s most powerful entertainment companies. Featured on Time magazine’s cover in 2022 with BTS, Bang remains a key figure in both Korean business and pop culture, despite now stepping back from the CEO role to serve as HYBE’s chairman.

Sayart / Jason Yim yimjongho1969@gmail.com