After Seungri announced retirement from the entertainment industry on Mar 12, today (03/13) YG Entertainment released official statement to terminate exclusive contract with Seungri.
According to media, YG said ‘Starting from recent report about Seungri’s involvement in violence case inside the club, as well as continuous allegations and controversies during these days, we would like to bow our heads for causing worry from the public including the fans due to all these cases.
After Seungri;s announcement of retirement from the entertainment industry back on Mar 12,YG has decided to accept Seungri’s request on the termination of his exclusive contract.
As an artist management company, we admit our failure in managing our artist thoroughly and we are now under deep reflections.
Finally, YG recognizes that there is a need for a massive reform of the company’s internal structure and we promise to work our best with all our employees on this.’