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In March, a member of YG's boyband Big Bang
quit showbiz over sex bribery accusations, prompting police
investigations and the resignation of four K-pop stars including
him.
Allegations subsequently surfaced of a network of pop stars,
businessmen and cops having colluded and enabled tax evasion,
bribery and prostitution, exposing the dark side of the glitzy
industry.
"I have waited out in patience this situation in which shameless
and humiliating words are being thoughtlessly spread as if it is
the truth," Yang, a former legendary K-pop star, said in a
statement.
"But I don’t think I can hold it in any longer."
Yang said he was stepping down to avoid further damage to the
firm's artists over the accusations. These involved prostitution
mediation, tax evasion and cover-up of a drug scandal, all of
which he has denied.
YG's top shareholder, Yang, founded the K-pop management firm in
1996. His brother Yang Min-suk, the agency's chief executive,
also stepped down, according to a regulatory filing.
On Wednesday, the leader of another one of YG's boy bands, iKON,
also exited show business over media reports that he was
attempting to buy illegal drugs. He publicly apologized for his
act and quit the band.
YG Entertainment is one of the top K-Pop record labels behind
groups BlackPink and Big Bang, but its shares have slumped for
months, hit by the scandals.
Shares of YG Entertainment closed down 5.6% on Friday, falling
for a third consecutive session, while its affiliate, YG Plus,
lost nearly 6%.
(Reporting by Sangmi Cha; Editing by Ju-min Park and Clarence
Fernandez)
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