According to the latest reports from local кσяєαn media, K-pop giant HYBE is in trouble with the authorities over allegations of illegal financial activities. Even HYBE's president is under investigation by the Financial Supervisory Service.
Amid the troubles plaguing HYBE, a former employee has revealed some truths about the company that she experienced during her previous employment. On June 7, poster Elly Chae Eun, who claims to be the former communications director of Big Hit Music and was fired in 2017, shared a post on Threads.
“[Truly Evil]
This is the hidden story behind the process of being promoted to an executive — soмєтнing even I didn’t know.
It was normal to get work instructions through KakaoTalk or phone calls in the middle of the night. I used to sleep with my phone next to me all the time. I ℓσѕт 7kg over two years after joining the company and even had symptoms of hair loss. I poured my heart into my work, taking care of the company’s male idols — “sons of others” — rather than my own precious children.
And yet, the company just dismissed me saying I ‘no longer suited their preferences.’ Later, they got into business with acquaintances and handed them hundreds of billions of won (₩50 billion, ₩100 billion) without hesitation. Those people didn’t contribute even once when the company was struggling and trying to grow.” Ellyn claimed that she was “forced” to resign and alluded to HYBE’s “greed.”
But more notably, in an expose of HYBE’s dark side, the former Big Hit Music employee praised the BTS members, admitting that the group’s current wealth and status were worth their hard work.
“I sincerely congratulated the BTS members when they were given shares and became wealthy. They absolutely deserved everything they achieved — those seven were the beginning of HYBE itself. But the ones who later swooped in and devoured shareholders’ stocks at cheap prices, who went behind people’s backs… people who played golf with corporate cards, lounged in luxury rooms, drank alcohol — they are the real evil ones.
Truly evil.
I will fιgнт to the end.
Quietly, according to the law”, she mentioned in the second half of the post.
In the context of HYBE's reputation seriously declining over the years along with the recent investigation of Bang PD, netizens expressed their utmost disappointment with the Kpop giant. But on the contrary, Elly's writings and what BTS has done in their career of more than a decade, fans believe in the character of Kpop superstars.
Many even encouraged BTS members to start their own companies or take over HYBE after this scandal. Some also pointed out that without BTS's success and the group's persistent work, Big Hit could not have developed into the empire it is today.
On the other hand, Elly's post also included a screenshot of a detailed article about "those who later rushed in and swallowed the stocks". The article is translated as follows:
“HYBE successfully went public according to the scheduled designated audit timeline, and three individuals earned about 200 billion KRW each as performance bonuses. Former executive Kim received around 100 billion KRW, while the two CEOs, Yang and Kim, each took home about 50 billion KRW.
These three figures acknowledged each other’s contributions during the distribution process, but in the acquisition of shares from existing investors and the IPO process, there was no objection to former director Kim receiving half, given their communication with Chairman Bang.
The remaining amount distributed between the two CEOs, Yang and Kim, reportedly caused internal conflict. The one who ended up with the largest cash payout was Chairman Bang, who reportedly received a total of around 400 billion KRW, including a 200 billion KRW lump-sum payment from Eastone PE and others.”
Meanwhile, to clarify the current situation, HYBE founder and chairman Bang Si Hyuk is currently under investigation by the Financial Supervisory Service (FSS) on suspicion of defrauding investors by selling shares to a private equity fund (PEF) established by one of his close αѕѕociates (one of the three people in the article).
According to a report on May 29, the кσяєαn ρσℓι¢є stepped up the probe and applied for a search and seizure warrant after securing witness statements and circumstantial evidence related to Bang’s crime.
The Financial Crime Investigation Division of the Seoul Metropolitan Police Agency’s Major Crime Unit reportedly submitted a search and seizure warrant application to the Seoul Southern District Prosecutors’ Office’s Joint Securities Crime Investigation Team on May 28, KST.
While HYBE has not responded to reports of an arrest warrant for Bang, the company has addressed a separate search and seizure warrant served by prosecutors in connection with the illegal financial activities of another HYBE employee. Speaking to SPOTV, HYBE clarified that the individual was a former employee of the company.
