Following Seungri‘s post about him retiring from the entertainment industry, YG Entertainment has released their official statement, terminating Seungri’s contract with them.

“Hello, this is YG Entertainment.

Starting from the recent club assault scandal, which Seungri was involved in, we would like to apologize for the concern we have caused many people, including the fans, due to the numerous suspicions and controversies.

After Seungri announced his retirement on March 12, YG Entertainment has honored Seungri’s request to terminate his exclusive contract.

As an artist management company, we admit that we have not managed our artists as thoroughly as we should, and we are deeply reflecting on that.

Finally, YG Entertainment is aware that we need major improvements, and we promise to work with all of our executives and employees to put those improvements into place.

— YG Entertainment