Police believe Yang Hyun Suk embezzled artist profits for his gambling in Las Vegas.
According to a report by Channel A on the 10th, police are tracing the source of funds that Yang Hyun Suk used for his gambling. Police believe that he gambled using proceeds from YG Entertainment artists' overseas performances.
Police are currently analyzing the data received from the Nevada Casino Administration after requests made through the FBI. They're looking into how many times he gambled, how much, and whether he won or lost so that they can determine the source of the funds used as well as the alleged illegal foreign exchange ['hwanchigi'] activities.
A source from the police spoke to Channel A and revealed, "we're investigating a possible blink between Yang Hyun Suk's gambling money and YG artist profits from concerts in the U.S. We're also investigating possible use of company funds for the alleged gambling."
Police are also investigating YG's Dongsaeng [younger brother] and former YG CEO Yang Min Suk.
Yang Hyun Suk's history of illegal gambling overseas spans 15 years
Police are stating that Yang Hyun Suk's history of illegally gambling overseas spans many years.
According to a report by JTBC on the 9th, the former YG Entertainment executive reportedly lost over 600 million won gambling overseas at the MGM Grand Casino in Macau.
According to reporters, every time he gambled, he would purchase at least 5-10 chips worth 1,500,000 KRW each. That means that in one sitting, he gambled at least 7,500,000 to 15,000,000 KRW (~$7,000 to $13,000).
An informant, a regular visitor at the casino, shared Yang Hyun Suk's "hwanchigi" technique for obtaining funds for gambling. The informant stated that "he [Yang Hyun Suk] would borrow as much as he could from the casino on credit (in dollars) then repay the funds in cash (Korean won) when he returned to Korea."
Police believe that in a span of 15 years, Yang Hyun Suk gambled a substantial amount in Macau and believe this will be helpful in proving charges of habitual illegal gambling.
Police have made requests to the Hong Kong Casino Administration for detailed records of Yang Hyun Suk's gambling at their casinos similar to the request made to the Las Vegas Administration.
This article is originally published on blog Daily Naver
