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On May 29, 2025, Hankyung reported that South Korean authorities have renewed efforts to obtain a search and seizure warrant against HYBE's chairman, Bang Si-hyuk (Bang PD).
Police are investigating Bang PD over suspicions of fraudulent financial transactions tied to the label's IPO, with the alleged amount nearing $290 million. This is the second attempt after a previous warrant request was denied in early May.
The investigation suggests that Bang Si-hyuk misled early investors in 2019 by claiming there were no plans to take HYBE public, despite actively preparing for a listing. Following HYBE’s successful debut on the stock market in 2020, he reportedly profited significantly from the arrangement.
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As for whether this will affect BTS’s long-awaited group comeback, according to The Korea Herald, industry experts believe it likely will not. The group’s reunion is expected after all seven members complete military service in June, but the timing of the scandal has caused unease. According to the publication, an entertainment industry executive said:
“The issue centers on Bang Si-hyuk’s personal gains and doesn’t directly involve BTS. Hybe operates under a multi-label system, and BTS is more than capable of making a comeback independently of Bang.”
According to The Korea Herald, both the Financial Supervisory Service and police are investigating Bang Si-hyuk’s alleged misconduct. Authorities believe HYBE misrepresented its IPO plans while submitting documentation for a designated audit, which is a requirement for listing.
At the same time, HYBE reportedly told investors that the company was not pursuing a listing, leading some to sell shares, while others bought in through newly formed funds.
While HYBE has not confirmed any new timelines, fans had been expecting at least a celebratory Weverse Live or FESTA appearance once all members are discharged. Jin and j-hope were already discharged in June and October 2024, respectively. RM, V, Jimin, Jungkook, and SUGA will complete the service by June 21 latest.
Background of the HYBE allegations and what it means for BTS' full-group future
The controversy began when Bang PD allegedly gave private assurances in 2019 that HYBE would not go public while filing necessary documents for an IPO behind the scenes. According to Hankyung, he also entered into undisclosed profit-sharing agreements with private equity funds formed by close associates. This resulted in a windfall of roughly 400 billion KRW once the company was listed.
Authorities from the Financial Supervisory Service and Seoul police have collected testimonies and circumstantial evidence. This led to a second request for a search warrant. The case is currently being handled by Deputy Chief Prosecutor Jeon Yeong-woo, who specializes in capital market crimes.
Despite the gravity of the allegations, several insiders believe the matter is unlikely to interfere directly with BTS’s comeback. As noted by The Korea Herald, the issue centers on Bang’s conduct and not BTS' activities. The company operates as a multi-label company, and BTS has already solidified its global brand through years of success and recent solo ventures.
In previous public statements, the label's CEO Park Ji-won clarified that planning for the group’s return is ongoing, but will not be rushed. BTS’ comeback is being approached with care, with top-tier producers involved and creative discussions taking priority.
Meanwhile, the members remain active. Jin is preparing for his RUNSEOKJIN_EP.TOUR, launching June 28. j-hope continues wrapping up his HOPE ON THE STAGE tour. Meanwhile, RM, V, Jimin, Jungkook, and SUGA have each released critically acclaimed solo albums.
In conclusion, while the scandal could harm the label's image, it is unlikely to derail BTS’ return. The group’s structure, autonomy, and massive global following make it unlikely even in the face of controversy involving their label’s leadership.
