Yang Hyun Suk, the founder and executive producer of YG Entertainment, has been charged with failing to declare luxury watches worth hundreds of millions of won upon bringing them into South Korea.
According to the Busan District Prosecutor’s Office, Yang is accused of importing two high-end Swiss watches from Singapore in 2014 without reporting them to customs. These charges fall under violations of customs regulations, and Yang has been indicted without detention.
The investigation dates back to seven years ago when it was discovered that an Asian distributor, referred to as “A,” had imported multiple luxury watches into Korea without going through proper customs procedures. This investigation was delayed for several years, as “A” did not return to Korea during this time. Recently, however, the distributor returned to Korea, believing the statute of limitations had expired, which prompted authorities to resume the case.
The prosecution ultimately decided to charge Yang just days before the statute of limitations on the case expired.
In response to the indictment, YG Entertainment expressed their disappointment with the decision, criticizing the timing and manner of the charges. The company pointed out that Yang had cooperated with the investigation back in 2017 and had voluntarily handed over the watches in question to authorities.
We regret the rushed and excessive indictment just before the 10-year statute of limitations expired.
— YG Entertainment
YG also raised concerns about the investigation process, stating that the testimony of the distributor had changed multiple times, yet the prosecution had pushed forward without thoroughly reviewing all the facts.
They maintained that Yang had no intention of evading the law and had proactively submitted the items to avoid any legal complications. The company emphasized that the decision to indict lacked careful consideration of the surrounding circumstances.
Source: wikitree
