May 30, 2025
SEOUL – As BTS inches closer to its long-anticipated full-group comeback, the group’s agency Hybe is facing turbulence at the top.
Chairman Bang Si-hyuk is reportedly under investigation by South Korea’s financial watchdog for alleged fraudulent and unfair trading — a development that’s stirring unease among fans ahead of the group’s reunion.
According to local reports, the Financial Supervisory Service has been looking into suspicions that Bang misled early investors during Hybe’s pre-IPO phase in 2019. Investigators have reportedly secured evidence that Bang privately informed institutional investors that a public listing was unlikely, even while taking steps to move forward with an IPO.
During this period, Bang allegedly entered into a profit-sharing agreement with private equity funds established by his acquaintances and went on to pocket roughly 400 billion won ($289.7 million) following Hybe’s successful stock debut in 2020. The arrangement was never disclosed in Hybe’s official filings, which could constitute a violation of Korea’s capital market law.
While neither Hybe nor the FSS has confirmed details of the investigation, neither side has denied its existence — a silence fueling speculation that formal legal proceedings may soon follow. The FSS is reportedly considering referring the case to prosecutors via a fast-track process and a separate police investigation is said to be underway.
Though the controversy is rooted in Hybe’s financial operations, fans are worried about its potential impact on BTS’ comeback as a full group.
“I don’t understand why someone who should be focused on leading the company and supporting BTS from behind keeps getting embroiled in controversies,” said Choi, a 31-year-old fan of BTS. “With all seven members preparing for their comeback, I worry this could cause unnecessary setbacks.”
The seven-member act is on track to reunite possibly later this year, with all members set to have completed their mandatory military service by June 21 — the date of Suga’s discharge.
BTS’ eldest member, Jin, enlisted in December 2022, followed by J-Hope and then the other members. Jin and J-Hope have already returned, while RM and V will be discharged on June 10, Jungkook and Jimin on June 11, and Suga shortly after.
While an official comeback date hasn’t been confirmed, Hybe has repeatedly stated that new group content and performances are in the works. In March, Hybe CEO Park Ji-won said during a shareholder meeting that the company was in talks with top-tier songwriters and producers and that the members would need time to regroup creatively after completing their service.
An entertainment industry executive said that the scandal surrounding Bang is unlikely to derail BTS’ plans.
“The issue centers on Bang Si-hyuk’s personal gains and doesn’t directly involve BTS,” the official said Thursday. “Hybe operates under a multi-label system, and BTS is more than capable of making a comeback independently of Bang.”
“Each member has already solidified their global presence through solo careers. While Hybe’s reputation might take a hit, I don’t see this delaying BTS’ return or affecting their promotional activities,” the official added. “Sure, this could leave a blemish on the company’s record. But fans won’t stay quiet — even if Bang ends up being ousted, they won’t let it derail BTS’ activities.”