On July 29, Field News reported that South Korea’s National Tax Service (NTS) launched a special audit into 27 entities and individuals accused of earning illicit profits through unfair stock trading and evasion of taxes, with HYBE named among them. The probe comes as Bang Si-hyuk faces mounting public scrutiny over what has been dubbed the “₩400 billion shock” scandal — a reference to the massive financial scope of the alleged misconduct.
Without prior notice, investigators from the Seoul Regional Tax Office’s 4th Bureau entered HYBE’s headquarters in Yongsan District, Seoul, to collect financial documents and records related to the case. According to reports, this sudden move signals a strong intent by authorities to crack down on capital market irregularities.
This is not HYBE’s first brush with tax authorities. Back in June 2022, the agency underwent a regular audit and was reportedly forced to pay tens of billions of won in back taxes.
The NTS clarified that the current investigation is part of a broader initiative targeting:
- 9 companies suspected of false disclosures for stock manipulation
- 8 entities known for “hit-and-run” corporate raiding tactics
- 10 controlling shareholders allegedly abusing their positions for personal enrichment through the privatization of publicly listed firms
The estimated amount of tax evasion among the 27 entities is believed to be around ₩1 trillion KRW (approx. $770 million USD).
In a statement, the NTS stressed, “Unfair practices in the stock market have caused domestic and international investors to lose confidence in the Korean equity market. The deepening of the so-called ‘Korea Discount’ has become one of the drivers behind the country’s economic slowdown. We will thoroughly investigate tax evasion tied to these market-disrupting activities.”
Media coverage of the incident has drawn a striking comparison, likening the “Saja Boys” from K-Pop Demon Hunters to South Korea’s National Tax Service — the grim reapers of the business world — now making their presence felt at HYBE headquarters.
- This is exactly what you call real owner risk. Seriously, wow…
- HYBE fans won’t even get their part-time pay now, what are they gonna do lolol. What about the money that’s already been paid out? lololol
- Is this really going to end in total ruin from stock manipulation?
- Even a top-tier company is getting a tax investigation? It must be that serious.
- LOL every time there’s a Min Hee-jin vs. NewJeans trial, the media war is so tiring. Y’all said HYBE would collapse because of the document leak. So now is Bang Si-hyuk going to jail? Are they screwed? LOLLLLL
- We should’ve known from when he started acting out of personal feelings. Sigh, HYBE fans, your taxes are being sucked dry—please get a grip on reality.
- Back then, people said Min Hee-jin was guilty of embezzlement and asked how you could work in the same company as a thief. But now with Bang Si-hyuk’s issue? Total silence lol.
- Time for a serious reevaluation.
As HYBE continues to face legal and public backlash, the entertainment industry and investors alike are watching closely to see how this high-profile investigation unfolds.
Nate
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