YG Entertainment terminated its exclusive contract with Seungri.
Below is the official statement released on March 13:
“Hello, this is YG Entertainment.
Starting with the assault case which occurred at the club in which Seungri was involved, there has been various suspicions and controversies, and we bow our heads and deeply apologize for causing trouble to many people including the fans.
On March 12, following Seungri‘s announcement of his retirement, YG agreed to Seungri’s request to terminate his exclusive contract.
YG admits that it did a poor job in managing the artists as a management company and is deeply reflecting.
Lastly, YG realizes the need for a radical reform, and all employers and employees of the company promise that they will put in their best effort into doing so.”
[Image source: YG Entertainment]