YG Entertainment chief retains position

SEOUL • YG Entertainment's chief executive Yang Min-suk has been criticised over scandals affecting its former artist Seungri and the sharp dip in the company's share price.

But despite talk that he might be forced out, he managed to retain his position at YG's annual shareholders' meeting yesterday.

According to lifestyle portal Soompi, he told reporters he is taking the concerns of the shareholders "very seriously".

"Investigation is taking place by (the authorities) and I will participate diligently."

YG has been slammed for not monitoring Seungri's activities closely. It has terminated its contract with the BigBang singer, who is facing a police probe over the provision of sexual favours to would-be investors of his Burning Sun club.

The K-pop scandals have forced four artists, including Seungri, to retire.

Yesterday, Mr Yang added: "When the results (from the probe) come out, I hope that there will be an opportunity to announce my additional statement and plans for the future."

He assured shareholders that "we will do our best (to protect) the profits... and through our plans, we will improve our shareholder value".

A version of this article appeared in the print edition of The Straits Times on March 23, 2019, with the headline 'YG Entertainment chief retains position'. Print Edition | Subscribe