March 22nd was a busy important day for both Yang Min Suk and Yang Hyun Suk.
Unlike what many Kpop fans believe, the CEO of YG Entertainment isn’t its founder Yang Hyun Suk but his younger brother Yang Min Suk.
On March 22nd, shareholders meeting was held to decide on the fate of YG Entertainment that has gone through serious damage due to controversies since 2019 began.
The shareholders meeting wrapped up in 15 minutes and voted (almost unanimously) in favor of keeping Yang Min Suk as the CEO of YG. Ahead of the meeting, Yang Min Suk met the press to apologize for the recent controversies and explain his stance on social responsibility.
Check out what he said below:
He told the press that he’s taking the matter very seriously but refused to answer questions regarding their initial denial statement of Seungri’s kakaotalk messages, “Love Signal” club tax evasion controversy, and the ongoing tax evasion investigation for YG Ent.
He says the company will part in the investigation diligently and promises to secure profits for the company’s shareholders.
Considered one of the big three entertainment agencies, YG had lost 30% of its stock value because of Seungri’s controversy. From February 25 to March 21, the aggregate market value of YG fell 25.5%, from 863 billion won (approx. $764,700) to 643 billion won (approx. $569,900).
What do you think of this?
My personal thoughts
Seungri wasn’t even the biggest asset of YG but he seriously caused the most damage.
It’s really sad that a company that has been operating since 1996 could suffer so much because of one person. Of course, the two brothers are also wrapped in their own controversy but man… this really affected them.
I don’t know how far is the younger brother responsibility goes within his position as the CEO. But for him to have undergone a no-confidence vote shows just how serious this situation is. We’re talking millions of dollars in loss over such a short period.
I am not a fan of the way YG manage their artists and I have been vocal about my personal opinion on their managerial style. I hope these situations drive force towards better management and treatment of all their artists.
I worry about the idols and the employees whose livelihood depends on YG. If YG is able to pass the tax evasion investigation I think they will be able to recover a good portion of their image and carry on to release bops throughout 2019, however, if the investigation results aren’t in their favor, I believe YG will struggle to recover their image.
I don’t know why is it so hard to play by the rules, this goes for Seungri and any other idol or public figure.
They literally have the world in their hands and make millions doing something they love, why would you wanna ruin this for little extra cash? Why?
Especially since they live in a country that is unforgiving, why would you put yourself in trouble willingly? I’ll never understand why….