This situation stands in stark contrast to YG’s previous assertion, which claimed Yang received the sponsorship for marketing reasons. Reports indicate that one of the luxury watches gifted to Yang is valued at over 700 million KRW. As the founder of YG Entertainment, known for globally renowned acts such as BLACKPINK, 2NE1, and BABYMONSTER, Yang’s behavior has drawn significant backlash.
According to The Fact on October 23rd, the Busan District Prosecutors’ Office’s Public and International Crime Investigation Department charged Yang without custody on September 13th for breaching the Act on the Aggravated Punishment of Specific Crimes, specifically concerning customs violations.
Yang is accused of arriving in Korea via Incheon International Airport last month, where he allegedly brought in two opulent watches worth 828.06 million KRW without proper customs declaration.
The indictment details that Yang first encountered B, the Asian representative of a luxurious Swiss watch brand, through a YG songwriter in 2013. Over the years, Yang fostered a close relationship with B, who had previously given him a watch from this brand, which Yang wore during a broadcast. Furthermore, B is alleged to have funded various aspects of Yang’s trips to Singapore, including hotel stays and meals.
The prosecution asserts that Yang later requested B to acquire a watch featuring a skull design from the brand.
The indictment claims that prior to his scheduled trip to Singapore from September 12th to 16th for concert events featuring YG artists, as well as an investment agreement ceremony, Yang sent B a message in English between August 27th and 29th, saying, “I really wanna get the watch I have been asking about.” B responded, “It’s ready for you my dear.”
Yang received the skull-themed watch on September 13th in Singapore, wearing it during the investment ceremony at a hotel. This particular watch from the brand is assessed at 711.51 million KRW, with a base value of 208.1 million KRW. He also acquired another black watch appraised at 116.55 million KRW. It’s notable that both watches had been discontinued a decade earlier and are no longer available on the market.
Per Article 241 of the Customs Act, failing to declare imported items can lead to imprisonment for up to five years or a fine amounting to ten times the customs duty or the value of the merchandise, whichever is greater. For items valued between 200 million and 500 million KRW, penalties are further intensified under the Act on the Aggravated Punishment of Specific Crimes.
Meanwhile, YG has reiterated its insistence that the sponsorship received by Yang was intended for promotional endeavors and was utilized in broadcasts.
A spokesperson from YG expressed to the press, “We have no specific commentary regarding the English exchanges between Yang Hyun-suk and Mr. B. Our stance remains unchanged.”
The initial trial for Yang is set for November 15th at 11 AM at the Seoul Western District Court.
In related news, financial data from FnGuide indicates that as of August 30th, Yang Hyun-suk’s stock holdings were valued at 123.4 billion KRW.
Source: Wikitree
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