Yang Hyun Suk, founder and former CEO of YG Entertainment, is being taken to court.
In August 2019, Yang Hyun Suk faced allegations of gambling overseas, leading to investigations. For those who don't know, gambling is illegal in South Korea. Even if done overseas, Koreans can be charged 20 million Korean won or face three years of jail time for gambling. Koreans are only allowed to gamble in one casino called Kangwon Land.
In April of that year, police gained intel of Yang Hyun Suk's illegal overseas gambling, prompting the Financial Intelligence Unit (FIU) to launch an investigation in Yang Hyun Suk's accounts. They found records of transactions totaling to over 1.3 billion KRW (roughly USD 1,074,066). Accounts were set up in both South Korea and the United States, with the money deposited being South Korean won and what was withdrawn would be US Dollars.
The former CEO was found to be gambling in Las Vegas, United States, staying in the VIP room of the MGM Grand back in February 2018 to celebrate the conclusion of his survival show "MIXNINE" alongside PD Han Dong Chul another staff members who worked on the show.
He would repeatedly borrow dollars in Las Vegas and gamble at high-stakes baccarat tables. Numerous Koreans who gamble overseas try to bypass the law by borrowing the currency of the country they are in rather than in Korean won. If they win, they return the money borrowed. If they lose, they repay it back in Korean won.
Then, in May 2020, Yang Hyun Suk was booked with an informal prosecution that charged him with a sentence without a proper court trial. However, it seems the charges were appealed against, as a trial has been opened immediately.
On July 21, 2020, Star News investigations revealed that Yang Hyun Suk, along with four other parties, were given orders from the court. His first trial will be held on August 14.
Yang Hyun Suk has been embroiled in more controversies in recent years. He was accused of being part of the "Burning Sun" scandal alongside accusations of covering up the drug use of artists under YG Entertainment. He resigned from his position of CEO back in June of 2019.
YG Entertainment was established in 1996 by Yang Hyun Suk. The company operates as a record label, talent agency, music production company, event management, concert production company, and a music publishing house. They also have side labels that venture into different industries, such as clothing, golf management agency, and cosmetics.
YG Entertainment currently houses Jinusean, BIG BANG, Dara, AKMU, WINNER, iKON, Sechs Kies, and BLACKPINK. In their subsidiary, The Black Label, they house soloist Jeon Somi. Their other subsidiary, YGX, houses Anda. The company also houses actors and actresses such as Kang Dong Won, Choi Ji Woo, Cha Seung Won, Lee Sung Kyung, and Yoo In Na.
Their former artists include Wheesung, Epik High, 1TYM, Gummy, Seven, Minzy, Park Bom, 2NE1, Nam Taehyun, Lee Jongsuk, PSY, B.I, ONE, CL, and Lee Hi.
