K-Pop Mogul Yang Hyun-Suk Steps Down From YG Entertainment Amid Multiple Scandals

Yang Hyun-Suk has stepped down from the company he founded.

Yang Hyun-Suk is stepping down from the company he founded.

The K-pop mogul has announced he's stepping away from YG Entertainment -- which has launched such successful acts as BLACKPINK and Psy -- in a statement on the company's website.

"I've dedicated the past 23 years of my life to YG Entertainment," the statement reads. "It brought me great happiness to support the best music and the best artists. I thought of it as the only thing I could offer fans and society. However, from today I will step away from all of my roles and work at YG. I sincerely hope that there will not be any further damage to my beloved celebrities under YG, and to the loving fans, because of me."

Last month,Forbes reported that share prices for the South Korean label dropped dramatically after allegations that Yang had solicited prostitution in return for business favors, which he's denied. Yang has also been under scrutiny for other scandals involving artists on his label, most recently iKon group member B.I. leaving the band on Wednesday following reports that he attempted to buy LSD in 2016. Yang has denied attempting to cover up the drug scandal.

The Korea Times also reported in March that the National Tax Service Seoul Regional Office was investigating YG Entertainment over allegations the company had engaged in tax evasion.

Meanwhile, ET recently took TOMORROW X TOGETHER sightseeing in Los Angeles on a Starline Bus Tour after the group's North American showcase, where they opened up about their big dreams and what they've learned from BTS' massive crossover success.

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