This contradicts YG’s previous explanation that he received the sponsorship for promotional purposes. One of the two watches Yang received is said to be worth over 700 million KRW. As the founder of YG, home to world-renowned groups such as BLACKPINK, 2NE1, and BABYMONSTER, Yang’s actions have drawn strong criticism.
According to The Fact on October 23, the Public and International Crime Investigation Department of the Busan District Prosecutor’s Office indicted Yang without detention on September 13 on charges of violating the Law on Aggravated Punishment for Specific Crimes (Customs Violations) .
Yang is accused of entering Korea through Incheon International Airport last month, bringing with him two luxury watches worth KRW 828.06 million without declaring them to customs.
The indictment reveals that Yang first met B, the Asian representative of the luxury Swiss watch brand A, through a YG songwriter in 2013. Yang maintained a close relationship with B, who once handed him a brand A watch, which Yang wore in a broadcast. . Furthermore, B is said to have covered various travel expenses, including hotels and meals, for Yang whenever he visited Singapore.
The prosecution believes that Yang subsequently asked B to get a watch with a skull design from brand A.
According to the prosecution, Yang, who was scheduled to visit Singapore from September 12 to 16 for concert events by YG artists and a luxury brand investment deal ceremony, sent B a text message in English before his trip from August 27 to 29, stating: “I really want to get the watch I asked you about.“B replied:”It is ready for you, my dear.“
Yang received the watch on September 13 in Singapore and wore it at an investment agreement ceremony held at a hotel. The brand A skull design watch is valued at KRW 711.51 million, with a base cost of KRW 208.1 million. He later received another black watch worth KRW 116.55 million. Both models were discontinued 10 years ago and are no longer available for sale.
According to Article 241 of the Customs Law, failure to declare imported goods can result in imprisonment of up to five years or a fine equivalent to 10 times the customs duty or cost of the goods, whichever is higher. For assets worth between KRW 200 and 500 million, the punishment is more severe under the Law on Aggravated Punishment for Specific Crimes.
YG maintained its position, stating that Yang received the sponsorship for promotional purposes and used it in broadcasts.
A YG representative told the media: “We have no particular comments regarding the English texts exchanged between Yang Hyun-suk and Mr. B. Our position remains unchanged.”
Yang’s first trial is scheduled for Nov. 15 at 11 a.m. in the Seoul Western District Court.
Meanwhile, Yang Hyun-suk’s shares were valued at KRW 123.4 billion as of Aug. 30, according to financial data firm FnGuide.
Source: Wikitree
