On June 14, Yang Hyun Suk shared his official statement regarding the recent controversies surrounding YG Entertainment. While denying the allegations, he announced his plans to step down from his position at YG Entertainment.

The founder of the agency said, “I am so sorry to the fans who love YG and our agency celebrities. I am also sincerely apologetic to all of our employees who are silently continuing to do their work throughout the downpour of criticism.”

He continued, “I have been patiently tolerating words about the current situation that are too disgraceful and humiliating to mention as they have been told indiscriminately as though they are the truth. However, I think it’s too difficult now. I think that there can no longer be a situation where YG, our agency celebrities, and fans are experiencing harm due to me.”

Yang Hyun Suk concluded, “For 23 years, I have dedicated half my life and everything to growing YG. However, I will step down from all of my positions and work at YG starting today. I sincerely hope that there is no further harm to the YG agency celebrities I love, and to the fans who love them, because of me.”

Read his full statement below:

This is Yang Hyun Suk. I am so sorry to the fans who love YG and our agency celebrities. I am also sincerely apologetic to all of our employees who are silently continuing to do their work throughout the downpour of criticism. I have been patiently tolerating words about the current situation that are too disgraceful and humiliating to mention as they have been told indiscriminately as though they are the truth. However, I think it’s too difficult now. I think that there can no longer be a situation where YG, our agency celebrities, and fans are experiencing harm due to me. For 23 years, I have dedicated half my life and everything to growing YG. The work of supporting the best music and the best artists was the greatest happiness for me. I have thought that this is the only ability I can contribute to fans and society. However, I will step down from all of my positions and work at YG starting today. I sincerely hope that there is no further harm to the YG agency celebrities I love, and to the fans who love them, because of me. Currently, there are many experts at YG who have more capabilities and sense than me. I think that my stepping down will be a good opportunity for them to exhibit their abilities better. It is my sincere wish that YG can stabilize as soon as possible. Lastly, I believe that the truth of the current media reports and malicious gossip will be revealed through investigations. Thank you.

In addition, Yang Hyun Suk’s brother later announced his plans to resign from his position as CEO.

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