Netizens have begun signing a petition to strip HYBE of its "major business group" ('Top Company') status.

In May of this year, HYBE was officially designated as a major corporate group, making it the first entertainment-focused company in South Korea to receive such recognition. With total assets exceeding KRW 5 trillion (approximately 3.85 billion USD), HYBE’s founder and chairman, Bang Si Hyuk, became recognized as the "head of the same business group" (chaebol), holding 31.57% of HYBE’s shares.

On October 31, a petition surfaced on South Korea's National Assembly webpage, allowing the public to digitally sign in favor of removing HYBE's "major business group" designation. According to netizens, the primary motivation for this petition is due to privileges that come with this status, including the "deferral of tax audits."

The petition’s official statement reads:

Purpose of the Petition

"To ensure the integrity and sustainability of systems aimed at nurturing talent and promoting a cooperative labor-management culture by canceling HYBE's 'Top Company' designation due to workplace harassment issues."

Content of the Petition

"On October 15, 2024, during the Environment and Labor Committee audit, Representative Park Hong Bae requested the cancellation of HYBE’s 'Top Company' designation due to allegations of workplace harassment. However, the Ministry of Employment and Labor has not disclosed any information regarding an investigation or future plans, citing a grievance and investigation at the local level. 

This lack of transparency suggests departmental obstruction of the legislature’s request to uphold system integrity. The 'Top Company' designation was previously revoked in April 2022 for another company over workplace harassment. We urge a parliamentary investigation and a prompt resolution, given the precedent for such action."

In just four days, nearly 70% of the required signatures have been gathered. Netizens eagerly signing the petition are also raising concerns about recent controversies surrounding HYBE, including alleged "inverse viral marketing," workplace harassment, and other issues related to internal documents.

Many forum commenters are emphasizing that "major business group" status could allow HYBE to avoid tax audits, which has been a driving force behind the petition.

Reactions include:

1. "Let’s go 100%!"
2. "Some people said 'Top Company' benefits weren’t a big deal, but I saw the list included tax support, exemption from regular tax audits, preferential interest rates, priority immigration cards, and 80 other benefits."
3. "It's strange they can avoid a tax audit just by being designated as a 'Top Company.' This system really needs to change."
4. "This is a group that deserves a seriously tough tax audit."
5. "I just signed!"
6. "Everyone, it’s super simple if you have the main account holder's phone."
7. "I looked it up, and 'Top Companies' get perks like tax audit exemptions and access to policy funds."
8. "They’ll probably try to delete this post too, lol. Let’s go with the petition!"
9. "Just signed."
10. "Oh, I just signed too, lol."
11. "Cancel 'Top Company' status for Weverse too."
12. "I just signed the petition, lol."
13. "Let’s go all out on this."
14. "HYBE needs a tax audit."
15. "I signed on the first day! Sent the link to friends too!"
16. "After signing, I also submitted an additional complaint for a tax audit."
17. "You can agree to the petition really easily without an account, so everyone, please help out."
18. "Should I rally my family for this? Fighting!"

The petition remains open for signatures until November 30.

What are your thoughts?

SEE ALSO: HYBE Chairman Bang Si Hyuk's secret IPO deal with private equity firms sparks controversy