SEOUL, KR — (06-14-19) — YG Entertainment founder and COO, Yang Hyun-Suk, resigns in disgrace after multiple scandals including, IKON member B.I’s LSD drug scandal, have turn the company into a disaster.
After twenty years of bringing some of the biggest K-Pop acts to the International stage, Yang Hyun-Suk resigns as COO.
If Yang Hyun-Suk’ departure wasn’t shocking enough, hours after the news of his resignation hit the news circuit, his younger brother, Yang Min-Suk, announced his resignation as CEO of YG Entertainment.
Insiders report that the sudden change of the guard was in response to the months of instability at YG Entertainment. Especially with their series of high-profile legal scandals surrounding the record label’s artists.
YG Entertainment posted a statement from the K-pop mogul Yang Hyun-Suk about his resignation
“I’ve dedicated the past 23 years of my life to YG Entertainment. It brought me great happiness to support the best music and the best artists,” it read. “I thought of it as the only thing I could offer fans and society.”
“However, from today I will step away from all of my roles and work at YG,” he added. “I sincerely hope that there will not be any further damage to my beloved celebrities under YG, and to the loving fans, because of me.”
K-Pop Mogul Yang Hyun-Suk Steps Down In Disgrace of YG Entertainment
YG Entertainment fell into deep trouble at the beginning of the year when the company become the evening news top story of the highly-publicized “Burning Sun” investigations into corruption and criminality in Seoul’s clubbing and entertainment scenes.
The flame that lit the match was when former BIG BANG member and YG Entertainment star Seungri (Lee Seung-hyun), was busted providing escorts for investors in his nightclub and other elite hot spots.
It resulted in a series of rumors which lead to allegations about the company’s practices. The scandals were growing by the day and before Yang Hyun-Suk knew it, a tax evasion investigation into the K-pop company was officially announced in March.
The other scandal hitting YG Entertainment involves IKON boy band member B.I. (Kim Han-bin), who suddenly left the group on Wednesday (June 12) after reports were revealed about a 2016 attempt by the young star to purchase LSD.
The songwriter-rapper denied taking LSD but admitted that he did in the past have interest in it in a post on Instagram.
Over the last couple of days, allegations appeared in Korean media outlets that YG had allegedly lobbied authorities to keep B.I’s case from being investigated by police. Yang denied the allegations and called them idiotic.
Though Yang has step down from his role as COO, he continues to be the largest shareholder of YG Entertainment with a 16.12 percent stake. His brother Yang Min-Suk owns a 3.31 percent stake in the company.
So the question is, what will happen with YG Entertainment now? Only time will tell.
Article by: Michael “The Sizzler” Jacobs, Staff Writer
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