YG Entertainment founder Yang Hyun Suk has been indicted for smuggling high-end watches.
According to the Busan District Prosecutors' Office on September 14, YG Entertainment executive producer and founder Yang Hyun Suk was indicted on charges of smuggling high-end wrist watches from overseas in 2014. Yang Hyun Suk was allegedly gifted 2 wrist watches that cost hundreds of millions of won (100 million won equates to about $75,200 USD) in Singapore and did not report it to customs upon his arrival in Korea.
The Busan Customs Service was alerted when they found the watch manufacturer had imported a number of watches without declaring them to customs, and Yang Hyun Suk's case was investigated as a part of the manufacturer's tax evasion case.
YG Entertainment denied the claims, stating the watches were given to Yang Hyun Suk for promotional purposes, and he wore them on television. The label stated, "We deeply regret the prosecutors' hasty decision to make the indictment just ahead of the 10-year statute of limitations. Yang Hyun Suk faithfully participated in investigations in 2017 and voluntarily submitted the wrist watches to investigators in order to avoid small issues as a well-known figure."
In related news, Yang Hyun Suk was found guilty of coercing an informant (Han Seo Hee) to withdraw a testimony against one of this former artists (B.I) in appeals court in November of 2023. He was sentenced to 6 months in prison suspended for a year by the Seoul High Court for abusing his power to force an informant into having a meeting.
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