After the Financial Supervisory Service filed a complaint and police raided HYBE, Chairman Bang Si-hyuk was unable to complete production of BTS‘s new album in the United States and rushed back to Korea via Incheon International Airport on the afternoon of August 11.
Chairman Bang sent an email to HYBE executives and employees on the 6th to express his position on the allegations, stating, “Due to the musical work of artists preparing for a comeback and the expansion of the company’s future business, I have inevitably had to spend more time abroad in recent years,” and “However, I would like to put aside urgent work and business meetings for a while and return to Korea as soon as possible to prioritize the investigations being conducted by the authorities.”
Meanwhile, legal experts have pointed out that the profit-sharing clause between Chairman Bang and the relevant private investment fund (PEF) is a civil contract between individuals. They argue that applying Article 178, which defines public interest violations, to this case is an excessive regulatory measure.
Bang Si-hyuk, who started his career as a music producer, has become a prominent figure in recent years, fueled by the failure of several independent entertainment companies, radical transformations, the global success of BTS and its attempts at a multi-label strategy, and the strategic failure of a new star management strategy called “New Jeans.” He’s the entrepreneur who has pioneered the most advanced K-pop star development strategy since Lee Soo-man, founder of SM Entertainment. However, his rise from humble beginnings to billionaire status has also made him an object of envy.
Some insiders argue that if Chairman Bang Si-hyuk had been a natural entrepreneur or an unknown manager, the current controversy would not have occurred. The investigation into Bang Si-hyuk, a capitalist, could expose him to legal risks for years to come. Having built his image as a sharp-tongued figure in aspiring pop star competitions, Bang Si-hyuk has faced the fate of having his sharp tongues boomerang due to the incredible success and setbacks of HYBE artists. This is a debt left behind by his past success in the public eye. However, experts point out that the public criticism that arises from moral lapses and illegal sanctions needs to be balanced until a fair judicial decision is reached. They explain that the recent media attention directed at Bang Si-hyuk, a prominent figure in the cultural landscape, is clearly excessive.
Korean netizens react
- For Big Hit, the removal of Sihyuk would be an absolute advantage.
- It’s funny, you just write a line or two and put your name on the spoon.
- ㅋㅋㅋㅋㅋ What a good thing!
- How is he still producing? People will attack BTS everywhere!
- Wow!ㅋㅋㅋㅋ So BTS couldn’t complete the album production in the US!
- So funny!ㅋㅋㅋㅋ
- There’s nothing good about burying himself under BTS, but I guess defending himself from criticism is more important to him. In many ways, that’s impressive.
- Please take it already!ㅜ
- They don’t need it though?
- He may not gain anything from hiding behind BTS, but it seems that defending himself from criticism is more important to him. In many ways, it’s incredible.
- What’s funny is that he’s thinking about producing while in such a vulnerable situation.
- Because of the government? It’s as if he brought it on himself.
- Hmm, yeah, it’s better that way.
