SEOUL (CelebrityAccess) – Founder of k-pop label YG Entertainment, Yang Hyun-suk, has stepped down from playing any role in the company, according to The Associated Press.
The move arrives after months of instability at YG following a series of high-profile legal scandals surrounding the company and its artists, including allegations of tax evasion, solicitation of drugs and prostitution, as well as corruption and criminality in connection to Seoul’s clubbing and entertainment scenes.
In a statement released via YG Entertainment’s website, Yang said: “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. 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.”
Yang did not directly address any of the allegations made against him in the letter, however, did close the statement saying that he believed the truth would eventually be revealed.
Hours after the news of Yang’s departure broke, his younger brother, Yang Min-suk, also reportedly stepped down from his role as CEO of YG Entertainment.