South Korean prosecutors reject arrest warrant for Hybe chairman Bang Si-hyuk, asks police to build a stronger case

What Bang Si-hyuk is accused of

Bang Si-hyuk is accused of misleading investors in 2019 by telling them there were no plans for an initial public offering, while at the same time allegedly inducing them to sell their shares to a specific private equity fund. According to reports, investors reportedly sold their holdings based on his statements, but suspicions have been raised that Hybe was in fact undergoing pre-IPO procedures during the same period.

Police believe the fund may have paid Bang Si-hyuk around 200 billion won, approximately $135 million, in a side deal that promised him 30 per cent of post-IPO stock sale profits. On the other hand, he is suspected of securing approximately 190 billion won, around $140 million, through a prior shareholder agreement with the private equity fund involved in the transaction.

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However, he has denied all the allegations. He has said the IPO followed the law and regulations. His legal counsel said in a statement: “We regret that a detention warrant has been sought despite our full and consistent cooperation with the investigation over an extended period. We will continue to cooperate with all legal procedures and will make every effort to present our position clearly.”

How the investigation has developed

Police first received a tip-off on the allegations in late 2024 and subsequently raided the Korea Exchange and Hybe’s headquarters as part of the probe. Bang Si-hyuk has been barred from leaving South Korea since August 2025.
The travel ban took on added significance given BTS’ ongoing world tour. The US Embassy in Seoul sent a letter to the police agency asking that Bang Si-Hyuk be allowed to travel to the United States to take part in BTS’ world tour. The request was not granted.

Who is Bang Si-hyuk?

Bang Si-hyuk, born on August 9, 1972, and widely known in the industry by his nickname “Hitman” Bang, is a South Korean music executive, record producer and songwriter who founded Big Hit Music and built Hybe Corporation into what it is today.

He began his career as a composer and producer at JYP Entertainment in the 1990s, where he was one of the company’s first three employees alongside founder Park Jin-young. He produced a string of hit songs during that period, including Rain’s “Bad Guy” and 2AM’s “Never Let You Go.”

He left JYP and founded Big Hit Entertainment in 2005. The company’s early years were difficult, and it came close to bankruptcy in 2007, surviving largely due to the success of artistes 8Eight and 2AM. The real turning point came in 2013 when Big Hit debuted a seven-member boy group called BTS, which went on to become one of the best-selling musical acts in history.

Big Hit went public in October 2020, was renamed Hybe in 2021, and that same year spent approximately $1 billion to acquire Scooter Braun’s Ithaca Holdings, securing management rights to artistes including Justin Bieber and Ariana Grande. Bang is the only billionaire in the South Korean entertainment industry, with a reported net worth of $3.2 billion as of July 2021, according to the Bloomberg Billionaires Index. In 2022, he appeared on the cover of Time magazine alongside BTS and received an honorary doctorate from Seoul National University.

DISCLAIMER: This report contains details regarding ongoing legal investigations and financial allegations. It is provided for informational purposes only.