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YG Entertainment Founder Yang Hyun-Suk Leaves K-Pop Company Amid Turmoil

More than two decades since founding YG Entertainment in 1996, founder Yang Hyun-suk announced on Friday (June 14) that he has stepped down from playing any role in the company. Over the years, YG has launched and managed the careers of many of K-pop’s biggest acts over the years, including BLACKPINK, BIGBANG, 2NE1, and Psy. The move came after months of instability at YG following a series of high-profile legal scandals surrounding the company and its artists, with Yang’s actions increasingly coming under scrutiny.

A statement from Yang shared through YG Entertainment’s website expressed the K-pop mogul’s thoughts on the situation.

“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.”

Trouble began for YG after the start of this year saw the company become a focal point in the highly-publicized “Burning Sun” investigations into corruption and criminality in Seoul’s clubbing and entertainment scenes, largely in part due to the involvement of former YG star Seungri (Lee Seung-hyun) of BIGBANG. It resulted in a series of allegations about the company’s practices, and opened up a tax evasion probe into the K-pop company in March.

Last month, attention was directed at Yang after reports surfaced of him allegedly soliciting prostitution for business partners in the past. YG has denied the claims.

This week, iKON’s B.I (Kim Han-bin) left the group suddenly on Wednesday (June 12) after reports revealed a

Article source: https://www.billboard.com/articles/business/8515957/yg-entertainment-yang-resigns-ceo-drug-accusations

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