An emergency meeting between the executives and shareholders of YG Entertainment recently took place on on March 22nd, 9:30 AM KST.
As many already know, the company is in a major crisis at the moment, having their stock prices plunge 30% after the scandals surrounding former BIGBANG member SeungRi along with Yang HyunSuk’s tax evasion accusations.
The purpose of the meeting seems to have been for talks in deciding whether the current CEO Yang MinSuk, the younger brother of YG Entertainment founder and producer Yang HyunSuk, is competent and reliable enough to maintain his position as the company’s head. Ultimately, the shareholders have decided to keep the younger Yang brother as the CEO of YG Entertainment, while a corporate restructuring took place.
However, the meeting did not reveal as to how the executives of YG Entertainment are planning on stabilizing their stock prices and regaining their credibility to the public. As to the question regarding YG’s alleged tax evasions, Yang MinSuk responded by stating that he is currently not at liberty to talk about it and that South Korean authorities were conducting investigations in to the matter. The agency has been suspected of not being transparent about their profits made in overseas activities.
Stay tuned for updates!