YG Entertainment founder Yang Hyun Suk has announced he will be stepping down from his role at the agency.
In an official statement given on June 14, he announced his plans and apologised to fans, his artists and staff. Addressing the recent controversies he said:
“I have been patiently tolerating words about the current situation that are too disgraceful and humiliating to mention as they have been told indiscriminately as though they are the truth. However, I think it’s too difficult now. I think that there can no longer be a situation where YG, our agency celebrities, and fans are experiencing harm due to me.”
He then confirmed his plans to remove himself from the agency, stating: “For 23 years, I have dedicated half my life and everything to growing YG. However, I will step down from all of my positions and work at YG starting today. I sincerely hope that there is no further harm to the YG agency celebrities I love, and to the fans who love them, because of me.”
You can read a translation of his full statement here.
The agency has seen their stock value descend since March when BIGBANG member Seungri's illegal activities came to light, with allegations of prostitution mediation, embezzlement and more. This week, iKON's B.I was revealed to have allegedly attempted purchasing illegal drugs in 2016, and left both the group and agency.
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