YG Entertainment has terminated Big Bang member Seungri's exclusive contract, the label revealed on March 13.
The agency relayed in an official statement,
"Hello, this is YG Entertainment.
We would like to bow our heads in apology for causing severe worry for many due to the numerous controversies and allegations, which began with the violence case at a club where Seungri participated as an advisor.
Shortly after announcing Seungri's retirement from the entertainment industry back on March 12, YG Ent. has accepted Seungri's request to terminate his exclusive contract.
As an artist management company, we admit our failure to manage our artist with stricter care; we are currently reflecting on our actions.
Finally, YG recognizes a need for a mass revision of the company's internal constitution, and we promise to work together with all employees of the company to make this happen."