YG Entertainment just scheduled a shareholders meeting. Basically, it is an attempt to decide whether there is a need to replace representative producer Yang Hyun Suk and Yang Min Suk, his brother, and CEO.
According to Kpop Herald, the aforementioned meeting has been set after the snowball of sex bribery and corruption scandal surrounding Seungri. It is worth noting that the former Big Bang member decided to quit the entertainment industry following the series of controversy.
Yang Hyun Suk, who is the founder and representative producer of YG Entertainment, holds at least 16.12 percent. His brother Yang Min Suk, on the other hand, holds around 3.31 percent of the company stock.
The shareholders meeting comes as the agency continues to experience a decline in stocks, which is reportedly around 30 percent. The plummet started since the authorities cracked down Seungri's involvement and his allegations of offering prostitution to a deluge of potential business partners.
The South Korea singer tried to deny all allegations. Even YG Entertainment stepped in and said that they were merely false and fabricated. Interestingly, after conducting several investigations, the police were able to determine the truth and said that these allegations were based on facts.
As a result, the company decides to cut ties and terminated Seungri's contract. It later issued a public apology over its lax management of the former Big Bang member. Unfortunately for the agency, this is not the first time it faced a series of shady scandals, most of which involve some of its performers. This resulted in the public clamoring for a new leadership change, AllKpop reports.
Adding to the pressure, YG Entertainment is facing a handful of new allegations pertaining to the tax evasion courtesy of the Yang brothers. The publication adds that the brothers are revealed to be the real owners of Love Signal, a club positioned at the very heart of Seoul.
It should be noted that the club was initially believed to be owned by Seungri. To make matters even worse, the company is now under special tax investigation, as the National Tax Service turned its eyes on the said allegations.
Despite Seungri's decision to leave YG Entertainment, the agency is still being heavily blamed by fans and netizens in its poor attempt to manage its artists. There are even those who accuse the company's executives of taking part or having knowledge of the alleged crimes.
