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News MBC Reports More Information On Tax Evasion Investigation Into YG Entertainment And Yang Hyun Suk (1 Viewer)

JakeyWantsCakey

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MBC Reports More Information On Tax Evasion Investigation Into YG Entertainment And Yang Hyun Suk

MBC Reports More Information On Tax Evasion Investigation Into YG Entertainment And Yang Hyun Suk
MBC’s “Newsdesk” has shed more light on the potential allegations of tax evasion Yang Hyun Suk and YG Entertainment are currently facing.

The previous day, it was revealed that YG Entertainment is currently undergoing a special tax investigation by the National Tax Service. The news was related to an earlier revelation that Yang Hyun Suk and his brother reportedly owned Love Signal, a club under suspicion for tax evasion. However, it was noted in the reports that the investigation will cover a large scope, and not just the finance-related departments, including departments related to performances and marketing.

“Newsdesk” reported on allegations that YG Entertainment and Yang Hyun Suk are under suspicion of tax evasion in relation to overseas performances. According to “Newsdesk,” YG Entertainment has earned approximately 300 billion won (approximately $265.7 million) in sales every year for the past three years, which also includes sales from world tour performances overseas by their label artists.

However, YG is under suspicion of underreporting their overseas concert earnings to the National Tax Service. The apparent method involves YG Entertainment reporting the earnings as their artists’ individual income rather than earnings of the agency. As they would be reporting less earnings, the agency would also be paying less in taxes.
In addition, “Newsdesk” reported that the National Tax Service is focusing specifically on Yang Hyun Suk, the founder of YG Entertainment. According to MBC, the National Tax Service has found what appears to be abnormal stock transactions by Yang Hyun Suk and are currently focusing on tracking the whereabouts of the money from the stock sales. They are also said to be looking into the foreign investment capital Yang Hyun Suk has personally talked about, whether the investors actually exist, where the investments come from, and the nature of the investments.

The investigation into YG Entertainment is of a large scale, with almost 100 investigators reportedly present on scene.

Source: Soompi
 

yeji

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I just hope that the artist won’t suffer due to this
 

JakeyWantsCakey

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Looks like Yang is over. I hope they kick him and his brother out.
They're already holding a vote later on this week and this isn't gonna help them all that much... Hopefully if they do get replaced, it's gonna mean a boost in the company output since all of the creative decisions aren't coming from one man.
 
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If I was in a position like him, I would straight up get fired LOL. Work is too precious for me that I don’t do any shady shit that makes it obvious but the only bad thing I probably do is acting immature and toxic in the Kpop forums. I know, sad.
 
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You earn lots of money you suffer the consequences :hmm: the tax rules apply to everybody
 
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They're already holding a vote later on this week and this isn't gonna help them all that much... Hopefully if they do get replaced, it's gonna mean a boost in the company output since all of the creative decisions aren't coming from one man.
Yeah I know, which is why I said I hope they kick him out lol.

But yes the creative decisions are not all up to him but with Hyun Suk being the Chief Executive Producer, and his brother the CEO, they form a core block of decision making and apparently corruption. Getting rid of them and even their loyalist in the higher ups would be a huge big step forward.
 

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what a mess, how will this end, how will it effect BP and other YGE Artists or sub label artists like Somi and so on... :llama_shook:
 

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