Photo of Bang Sihyuk Smiling Next to Yoo Hongjun Posted, Then Hastily Deleted by National Museum of Korea

Under Investigation for Capital Markets Act Violations
Photo Deleted Following Public Criticism

The official social media account of the National Museum of Korea posted, then suddenly deleted, a photo of Bang Sihyuk, Chairman of the HYBE Board of Directors, signing a memorandum of understanding (MOU) with the museum.

Yoo Hongjun, Director of the National Museum of Korea (left), and Bang Sihyuk, Chairman of the HYBE Board of Directors. National Museum of Korea

On October 1, the National Museum of Korea uploaded a post on its social media, stating, "The National Museum Foundation and HYBE have signed a memorandum of understanding to promote the spread of Korean cultural heritage and K-culture," along with a photo of Yoo Hongjun, Director of the National Museum of Korea, and Chairman Bang standing side by side and smiling.

Regarding the signing of the memorandum of understanding that day, the National Museum of Korea stated, "This agreement was established so that the National Museum of Korea, which is about to surpass 5 million visitors, can contribute to the global spread of our culture through cooperation with HYBE." According to the agreement, the three organizations will pursue the following initiatives: development of products combining the National Museum's cultural product brand 'MU:DS' and HYBE artists' intellectual property; international expansion through HYBE's global distribution network; and cooperation in promoting the museum's collections and content.

However, some have criticized whether it was appropriate for Chairman Bang, who is currently banned from leaving the country and under investigation by prosecutors and police for alleged violations of the Capital Markets Act, to appear on the official social media channel of a national institution. Previously, Chairman Bang was being investigated by authorities after the Securities and Futures Commission of the Financial Services Commission decided to refer him to prosecutors on charges of fraudulent unfair trading under the Capital Markets Act.

In particular, K-pop columnist Choi Isaac commented on his social media, "Some people are convicted over Choco Pie, while others, even after being banned from leaving the country for alleged astronomical-scale fraud, are treated as honored guests at the nation's most prestigious cultural institution, taking photos shoulder to shoulder with a vice-minister-level official. Truly, this is a country where money and power are justice."

Perhaps due to the growing controversy, the National Museum of Korea deleted the photo on October 2, just one day later, without any additional explanation or statement.

Meanwhile, Chairman Bang is accused of selling shares to a specific private equity fund after telling HYBE investors in 2019 that there were no plans for a public listing (in violation of the Capital Markets Act, among other charges). When the listing process later proceeded, the private equity fund sold its shares. It is reported that Chairman Bang received about 190 billion won, a portion of the sale profits, according to a prior contract.

At the end of last year, after receiving a tip-off, the police conducted raids at the Korea Exchange in Yeongdeungpo District and at the HYBE headquarters. In addition, last month, Chairman Bang was summoned for questioning twice.

Chairman Bang's representatives have denied the allegations, stating that all laws and regulations were followed at the time of the public listing.