YG Entertainment To Hold Shareholder Meeting To Vote On Yang Hyun Suk’s Resignation
Ever since Seungri’s Scandal shook the K-Pop industry, YG Entertainment has lost nearly 30% of its stock value within the past few weeks. The agency is also being investigated by the National Tax Service for possible tax evasion.
With YG on the verge of continuing on its steep decline, its shareholders have decided to schedule a meeting to vote on whether they should replace Yang Hyun Suk and his younger brother Yang Min Suk from leadership positions. Yang Hyun Suk is currently the chief producer while his brother took over the CEO position in 2011.
The shareholders are set to meet this Friday as fans and netizens are demanding that Yang Hyun Suk and his brother resign.
Despite Seungri leaving the agency, the public still partially blames YG Entertainment for failing to manage their artists properly. Some even accuse the executives of taking part or having knowledge of the alleged crimes.
Currently, Yang Hyun Suk is the biggest shareholder with 16.12%. His brother holds 3.31%. Other big shareholders include Global World Music Investment at 9.53%, Naver at 8.5%, Shanghai Fengying Business Consultant Partnership at 7.54% and the National Pension Service with 6.06%.
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