"YG [Entertainment] being stabilized as soon as possible is what I am hoping from the bottom of my heart"
The co-founder and head of K-pop label giant YG Entertainment has resigned amid a series of scandals.
Yang Hyun-suk, who founded the label and agency in 1996, has been accused of attempting to cover up allegations that B.I., the lead singer of YG outfit iKON, used illegal drugs.
Yang said in a statement relating to his departure: “For the past 23 years have I devoted half of my entire life to grow YG [Entertainment].
“But today I am leaving all my duties at YG. YG being stabilized as soon as possible is what I am hoping from the bottom of my heart. Last but not least, I believe the truth beneath all the rumors and what is currently being reported will be probed thoroughly.”
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Also that month, singer Jung Joon-young quit music in the wake of confessing to sharing secretly filmed sex videos. Joon-young shared sex videos without the consent of the women involved in a chatroom in which Seungri was allegedly a member of.
Rolling Stone reports that authorities in South Korea are also investigating claims that Yang provided prostitutes to potential investors.
The company itself is also under investigation for tax evasion and it’s alleged that it fostered a corrupt relationship with local police who knew about illegal activity but weren’t actively investigating it.