How Did We Get Here?
It seems like every day there’s a new headline exposing another layer of dysfunction at HYBE. Tax raids. Contract disputes. Accusations of stock manipulation. Public spats between executives. And through it all, there’s one common denominator: Bang Si-hyuk.
Success is a wonderful problem to have. When it comes too fast and too soon, without the right leadership in place, it can turn into a ticking time bomb. That’s what we’re seeing now at HYBE.
This isn’t just a case of a company growing too quickly. It’s what happens when someone without corporate or legal expertise is suddenly responsible for running a global empire. Knowledge is only half the equation. You also need the wisdom to use it. Right now, HYBE is showing the consequences of leadership that lacks both.
Min Hee-jin Was A Red Flag
The Min Hee-jin vs. HYBE situation is messy. But underneath the headlines and leaked KakaoTalk messages lies a fundamental management failure: Bang placed someone in a CEO role who wasn’t qualified for it.
If Min were a competent CEO:
- NewJeans wouldn’t be locked into weak exclusive contracts. The contracts make it suspiciously easy for the group to leave ADOR, as if Min saw this coming.
- There wouldn’t be a boundary-breaking relationship where talent sees their CEO as a parental figure. A clear conflict of interest.
- She wouldn’t have been juggling two full-time roles: CEO and creative director. Those are entirely different skill sets that both require full attention.
Imagine if Bang had simply hired someone qualified from the start. None of this might have escalated to where it is now.
Yet, the mismanagement continues. NewJeans seems to believe they can dictate who their CEO is, something no independent contractor has the right to do. Under South Korean law, NewJeans members are not employees of ADOR. They are commission-based contractors, meaning they don’t get a vote in corporate governance.
Seen in that light, their demand for Min Hee-jin’s reinstatement looks more like a personal plea than a professional one.
Mismanagement Goes Beyond ADOR
While the Min Hee-jin situation continues to dominate headlines, HYBE’s larger financial issues paint an even more troubling picture.
On July 29, South Korea’s National Tax Service raided HYBE’s Seoul headquarters. The agency is investigating the company and 26 other entities for tax evasion, stock manipulation, and unfair corporate practices. Here’s what investigators are looking into:
- Stock manipulation prior to HYBE’s IPO: Bang Si-hyuk has been officially referred to prosecution. Regulators say he misled early shareholders to sell low by faking a delay, then made hundreds of billions of won by flipping the shares through a private equity vehicle.
- Embezzlement and fund siphoning: HYBE allegedly diverted ₩4.1 billion KRW (about $2.95 million USD) from a ₩10 billion NewJeans x PUBG collaboration deal into another HYBE subsidiary, effectively reducing what ADOR should have earned. The company returned only ₩1.6 billion after being caught.
- Suspicious internal transactions: Authorities are now combing through HYBE’s finances for signs of offshore tax evasion and illegal profit-shifting between subsidiaries in the U.S., Japan, and Southeast Asia.
We’re not just talking about poor decisions here. These are serious allegations of criminal conduct. Allegations that are triggering police raids, government investigations, and public outrage.
Why Is the Media So Quiet About Bang?
There’s been a strange and troubling silence around Bang Si-hyuk in South Korean media.
When Min Hee-jin was accused (not charged) of breach of trust, the coverage was explosive. Leaked chats, endless videos, and speculation about NewJeans. But when Bang was officially referred for prosecution over stock fraud worth hundreds of billions of won? Almost nothing.
This discrepancy has led many to believe the media is either complicit or controlled. Some have even speculated that Bang’s connections in political and corporate circles, such as the visit from First Lady Kim Geon-hee, may be shielding him from scrutiny. Whether that’s true or not, the silence speaks volumes.
While Min Hee-jin remains under intense public pressure after leaving ADOR, Bang continues to operate freely as HYBE’s chairman, despite being the focal point of some of the most serious allegations in the company’s history.
The Bigger Picture: A Pattern of Corporate Abuse
From the outside, it looks like HYBE is using its legal and financial power to wear people down. Whether it’s strategic lawsuits, drawn-out boardroom maneuvers, or media manipulation, the company has adopted tactics that resemble Strategic Lawsuits Against Public Participation (SLAPP).Not to win, but to exhaust.
The longer the chaos goes on, the clearer the picture becomes: Bang Si-hyuk is not just caught in the storm. He is the storm.
The Min Hee-jin issue. The stock manipulation charges. The tax evasion probe. The contract siphoning scandal. The inflated subsidiaries. The declining public trust. These aren’t isolated events. They’re a pattern. And at the center of all of them is Bang.
So… What Now?
From a governance standpoint, HYBE can’t afford to pretend nothing’s wrong. If Bang is found guilty, the consequences will not only damage HYBE’s reputation. They could devastate the company’s operations and stock value. Even if he’s innocent, the perception problem alone is too big to ignore.
The smartest thing HYBE could do right now is suspend Bang from his leadership role while investigations are ongoing. Let him clear his name without dragging the entire company down with him. If he’s cleared, he can come back. If not, the company can begin healing without him.
Keeping him in place while criminal referrals and allegations continue to pile up is a terrible look for investors, for artists, and for fans.
Bang Si-hyuk built HYBE into a global powerhouse. That legacy will always belong to him. The same leadership that once made HYBE successful is now threatening to destroy it.
This is the moment for HYBE to act. Replacing Bang, even temporarily, would signal that the company takes the allegations seriously. It would demonstrate maturity, responsibility, and a commitment to corporate ethics.
Because right now, it’s not just about Min Hee-jin or NewJeans.
It’s about whether HYBE wants to be a respectable global company. Or just another cautionary tale about what happens when power goes unchecked.
