Yang Min Suk Maintains Position As YG Entertainment’s CEO
On March 22, the 21st annual shareholder’s meeting for YG Entertainment took place. The meeting was concluded within 15 minutes, during which it was decided that Yang Min Suk will maintain his title as the company’s CEO.
The shareholders also kept Choi Sung Joon as their executive director, the CEO of Shanghai Fengying Business Consultant Partnership Ltd. as their outside director, and they appointed E.N Cast’s CEO Jo Young Bong as a new outside director.
Before going into the meeting, Yang Min Suk stood in front of the press and said, “I’m taking this matter very seriously. Investigation is currently taking place from the investigative agencies in relation [to the matter], and I will participate in the investigation diligently.”
He continued, “I hope that clearer relevant facts will be revealed through the investigation. When the finalized results come out, I hope that there will be an opportunity for me to announce my additional statement and plans for the future.”
Yang Min Suk also received questions about suspicions of tax evasion with the club Love Signal, which was reported as the club owned by him and his brother, Yang Hyun Suk. Yang Min Suk kept his response short by saying, “I’m sorry.” When asked about the recent events of YG being audited by the National Tax Service, the CEO said, “It is currently being investigated.”
Yang Min Suk also answered questions about the controversy involving YG’s former artist Seungri and the club Burning Sun. Early February, YG Entertainment responded to the claims of Seungri providing sexual escort services to foreign investors by stating that the messages, the key evidence to the allegations made against him, were fabricated.
Regarding the company’s previous statement, Yang Min Suk said, “I don’t think that’s a matter to be discussed here.” He added, “We do feel our social responsibility very strongly, but we will reveal an additional statement regarding the matter later.”
From February 25 to March 21, the aggregate market value of YG fell 25.47 percent, from 863 billion won (approximately $764,688,693) to 643 billion won (approximately $569,972,235).
In response to questions directed towards the fall of YG stock prices due to the controversies related to Seungri, Yang Min Suk said, “We will do our best [to secure] the profits of our shareholders, and through our plans, we will improve our shareholder value.”
Top Photo Credit: Xportsnews