HYBE’s Chairman Bang Si Hyuk has found himself at the center of controversy following allegations that he secretly took 400 billion won before HYBE’s IPO.

The claims came after a report by Korea Economic Daily titled, "Bang Si Hyuk Took 400 Billion Won Separately… 'The Secret of HYBE’s IPO' from Four Years Ago."

On November 29th, HYBE responded with an official statement titled “Clarification on Rumors or Reports” to address the claims. HYBE’s CFO, Lee Kyung Jun, clarified that the company had followed all legal procedures during the IPO process.

He explained, “We provided the shareholder agreement to the IPO underwriters, who reviewed the agreement in accordance with IPO-related laws. There were no violations of laws during the IPO process.”

The initial report from Korea Economic Daily alleged that Bang Si Hyuk personally earned around 400 billion won during HYBE's IPO in 2020. It was claimed that Bang had signed shareholder agreements with Stick Investment, Easton Equity Partners, and New Main Equity.

These agreements reportedly allowed him to receive around 30% of the profits from the sale of shares by these private equity firms after the IPO. Additionally, the report stated that if the IPO failed, Bang had agreed to repurchase the shares.

Such agreements, where major shareholders personally benefit before an IPO, are rare, and the report pointed out that this arrangement was not mentioned in official filings, such as the Korea Exchange’s listing review or the Financial Supervisory Service’s securities registration statement.

While the company deals with these allegations, HYBE is also handling legal challenges after NewJeans, an artist under its subsidiary label ADOR, announced they would terminate their exclusive contract.

HYBE confirmed the news, stating, "We have received a notification from our subsidiary ADOR that NewJeans will terminate their contract with us effective from midnight on the 29th. We will respond appropriately and make a public announcement regarding the decision soon."

Source: [1]

Yoo Yeon Seok and Chae Soo Bin’s When the Phone Rings has issued an apology for the recent controversy surrounding the mockery of sign language.

On November 29th, the drama’s production team released a statement on the viewer’s board addressing the issue. The statement began by saying, “We take the criticism about the improper handling of sign language very seriously, especially as it led to the mockery of the Deaf community and Korean sign language.”

They went on to clarify, “The drama’s theme centers around ‘communication’ between people, and there was absolutely no intention to mock or belittle sign language, which is a vital communication tool for the Deaf community.”

However, the production team admitted, “We humbly acknowledge that we did not give enough attention to the struggles of the Deaf community and the importance of Korean sign language. We will ensure that such mistakes do not happen again in the future.”

The statement also highlighted the role of sign language in the drama, saying, “Sign language plays a crucial part in the relationship between the two main characters as they learn to communicate with each other. Through their journey, we want to show the true value of sign language as an important tool that connects people.”

The production team concluded by asking for viewers' continued support, saying, “We hope you will keep watching the drama and point out any shortcomings you notice.”

Earlier, in the first episode of When the Phone Rings, which aired on November 22nd, a mistake occurred when sign language interpreter Hong Hee Joo (played by Chae Soo Bin) mistakenly used the sign for "mountain" while trying to interpret "landslide" due to a broadcast error.

This led to the sign being misunderstood as a finger gesture commonly seen as offensive, sparking backlash.

After the episode aired, a viewer posted a complaint on the viewer’s board, asking for an apology for mocking sign language.

The viewer explained that the sign for "mountain" is different from the offensive gesture and that using it in this context was hurtful to the Deaf community, as it has been used as a joke by hearing people.

The post described this as an act of discrimination and mockery, calling for a more respectful approach.

Source: [1]