It was recently revealed that Yang Min Suk would face a vote of no-confidence from the shareholders at a recent YG Entertainment meeting after stocks have plummeted following scandals involving Seungri, tax evasion investigation, and the clubs YG and his brother own. However, as I think was relatively expected, YG’s brother will remain in charge.
On March 22, the 21st annual shareholder’s meeting for YG Entertainment took place. The meeting was concluded within 15 minutes, during which it was decided that Yang Min Suk will maintain his title as the company’s CEO. The shareholders also kept Choi Sung Joon as their executive director, the CEO of Shanghai Fengying Business Consultant Partnership Ltd. as their outside director, and they appointed E.N Cast’s CEO Jo Young Bong as a new outside director.
Yeah, it’s going to take being on the verge of true collapse for them to de facto kick YG out of his own company.
Meeting the press, he said they will take things super seriously now, and like totally make more money.
Before going into the meeting, Yang Min Suk stood in front of the press and said, “I’m taking this matter very seriously. Investigation is currently taking place from the investigative agencies in relation [to the matter], and I will participate in the investigation diligently.” He continued, “I hope that clearer relevant facts will be revealed through the investigation. When the finalized results come out, I hope that there will be an opportunity for me to announce my additional statement and plans for the future.” Yang Min Suk also received questions about suspicions of tax evasion with the club Love Signal, which was reported as the club owned by him and his brother, Yang Hyun Suk. Yang Min Suk kept his response short by saying, “I’m sorry.” When asked about the recent events of YG being audited by the National Tax Service, the CEO said, “It is currently being investigated.”
From February 25 to March 21, the aggregate market value of YG fell 25.47 percent, from 863 billion won (approximately $764,688,693) to 643 billion won (approximately $569,972,235). In response to questions directed towards the fall of YG stock prices due to the controversies related to Seungri, Yang Min Suk said, “We will do our best [to secure] the profits of our shareholders, and through our plans, we will improve our shareholder value.”
Folks, seriously don’t worry, there’s a never-ending supply of teens out there who will bankrupt themselves and their parents built into their business model, and he surely will turn it around. K-pop, baybee.