K-pop fans caused significant disruption to South Korea’s colossal $900 billion National Pension Fund, overwhelming its telephone and email support lines. The protest stemmed from fans’ anger over the departure of a member from the popular boy band Enhypen, whose management firm the pension fund holds a stake in.
Kim Sung-joo, chairman and CEO of the National Pension Fund (NPS), publicly addressed the issue on Facebook on Wednesday. He implored Enhypen fans to cease their actions, stating that their interference had “inconvenienced workers in Korea and abroad seeking pension advice.”
The NPS became a target following an “erroneous social media post” that falsely claimed the fund was the majority shareholder of HYBE, Enhypen’s management label, Kim clarified. He stressed that the NPS “does not get involved in the formation of Kpop groups or member issues,” distancing the financial institution from the intricacies of the entertainment industry.
“We found out that some users on X posted the support centre numbers of the NPS online and mobilised others to protest the removal of an Enhypen member,” Kim said, adding that the fund was subsequently hit by overseas phone calls and more than 1,500 emails over a two-hour period.
NPS held a 7.54% stake in HYBE as of the end of September, making it the third-largest shareholder after HYBE founder Bang Si-hyuk and game developer Netmarble, according to a company filing.
Enhypen member Heeseung announced his sudden departure from the group to pursue his own solo career on Tuesday.
“Through in-depth discussions with each of the members about the future they envision and the direction of the team, it became clear that Heeseung has his own distinct musical vision and we have decided to respect it,” the statement said. “As such, Heeseung will be parting ways with Enhypen.”
The message continued, “We understand that this news may be hard for all of our fans to accept with the same feelings. Nevertheless, we kindly ask for your generous understanding, as this decision is a choice for the future of both ENHYPEN and Heeseung.”
Young and tech-savvy Kpop fan groups regularly use social media to express protest or support for matters relating to the celebrities they follow but the NPS incident marks a rare instance where a government public service was disrupted.
Last year, fans of South Korean girl group NewJeans flooded fax machines belonging to South Korea’s culture ministry to urge an investigation into the group’s management agency.
