B.I’s Drug Scandal and Stepping Down From Being YG Entertainment’s CEO
Recently, another case involving YG Entertainment artists, former leader of boy band iKON, B.I, surfaced. B.I was caught smoking marijuana and purchasing LSD in 2016. His case was obscured and closed even though B.I was mentioned in another person’s confession. It was assumed that Yang Hyun Suk had coerced the case into a closing. His contract with YG entertainment was terminated on June 12th, 2019.
Earlier this year, a former member of Big Bang, Seungri, faced multiple criminal charges. One of them was from a woman who claimed to be drugged and sexually abused in Burning Sun, a nightclub operated by Seungri. Other Big Bang member, G Dragon was suspected of smoking marijuana during a concert in Japan in May 2011. Another member, T.O.P had multiple cases with drugs, from smoking marijuana to overdosing tranquilizers.
Other YG Entertainment artists who have been caught doing drugs are singer Hwang Ha Na (methamphetamine), Winner’s Lee Seung Hoon (Marijuana), and 2NE1’s Park Bom (amphetamine).
G Dragon’s and Park Bom’s drug case was terminated during the investigation and it was assumed that this was due to Yang Hyun Suk’s connection with disgraced former President Park Geun Hye. It was suspected that Choi Soon Shil, a close friend of Park Geun Hye, owned a financial share in YG Entertainment. Regarding B.I’s drug case, KBS reported that the witness changed his testimony and B.I was released from further investigation. Yang Hyun Suk has allegedly used his influence to scheme B.I out of the investigation and the same influence was supposedly used in other artists’ drug cases.
Due to YG Entertainment’s recent criminal case, University students of Myongji University and Hanyang University asked the student council to cancel iKon’s and WINNER’s performance on their campus festival. Students at Myongji University said, “Paying money to YG Entertainment is considered a senseless act. The act of consuming performance from YG Entertainment can be seen as sympathy for criminal behavior.”
On May 27th, 2019, MNet Gallery announced a boycott on YG Entertainment. Mnet Gallery will stop anything related with YG Entertainment on their K-Pop Discussion forum.
In March 2019, the National Tax Service (NTS) conducted a special tax investigation on Love Signal, a nightclub allegedly owned by Yang Hyun Suk, for tax evasion. Since the investigation started, YG Entertainment’s stock prices have steadily declined.
The company stock prices peaked at 50800 won in January 2019. On May 27th, 2019, after reports of Yang Hyun Suk’s alleged prostitution mediation surfaced, YG Entertainment’s stock prices plummeted 12.50 percent. The trading was concluded at 28700 won, a near 50 percent drop since January.
Earlier this year, YG Entertainment’s market capitalization was recorded at 834.7 billion but after the allegations surfaced it was recorded at 522.3 billion won which showed a drop of more than 300 billion won within 5 months.
After a series of scandals involving himself and his management artists, especially recent drug case involving B.I of iKON, Yang Hyun Suk and YG Entertainment CEO, his brother, Yang Min Suk, stepped down from the company on June 14th, 2019. Yang Hyun Suk has dedicated 23 years of his life to YG Entertainment.
Due to all of these scandals inside YG Entertainment, Korean people have made a short mockery to tease YG Entertainment as “Yak Guk” Entertainment which means Pharmacy.
So, those were all the information about the scandals and controversies involving founder of YG Entertainment, Yang Hyun-suk. We wish for the best for YG Entertainment in the industry, hoping all the problems would be solved. What do you think? Kindly share your thoughts and opinions in the comment section below!