This contradicts YG’s earlier explanation that he received the sponsorship for promotional purposes. One of the two watches Yang received is reported to be worth over 700 million KRW. As the founder of YG, home to world-famous groups like BLACKPINK, 2NE1 and BABYMONSTER, Yang’s actions have sparked strong criticism.
According to The Fact on October 23rd, the Busan District Prosecutors’ Office’s Public and International Crime Investigation Department indicted Yang without detention on September 13th on charges of violating the Act on the Aggravated Punishment of Specific Crimes (customs violations).
Yang is accused of entering Korea through Incheon International Airport last month, bringing in two luxury watches valued at 828.06 million KRW without declaring them to customs.
The indictment reveals that Yang first met B, the Asia representative of luxury Swiss watch brand A, through a YG songwriter in 2013. Yang maintained a close relationship with B, who once handed him a watch from brand A, which Yang wore on a broadcast. Additionally, B is reported to have covered various travel expenses, including hotels and meals, for Yang whenever he visited Singapore.
The prosecution believes that Yang later asked B to procure a watch with a skull design from brand A.
According to the indictment, Yang, who was scheduled to visit Singapore from September 12th~16th for YG artists’ concert events and a luxury brand investment agreement ceremony, sent B a text message in English before his trip on August 27th~29th, stating, “I really wanna get the watch I have been asking about.” B replied, “It’s ready for you my dear.“
Yang received the watch on September 13th in Singapore and wore it at the investment agreement ceremony held at a hotel. The skull design watch from brand A is valued at 711.51 million KRW, with a base cost of 208.1 million KRW. He later received another black watch valued at 116.55 million KRW. Both models had been discontinued 10 years ago and are no longer available for sale.
According to Article 241 of the Customs Act, 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 the cost of the goods, whichever is higher. For goods valued between 200 million and 500 million KRW, the punishment is more severe under the Act on the Aggravated Punishment of Specific Crimes.
YG maintained its stance, stating that Yang received the sponsorship for promotional purposes and used in broadcasts.
A YG representative told the media, “We don’t have any particular comment regarding the English texts exchanged between Yang Hyun-suk and Mr. B. Our position remains unchanged.”
Yang’s first trial is scheduled for November 15th at 11 AM at the Seoul Western District Court.
Meanwhile, according to financial data company FnGuide, Yang Hyun-suk’s stock holdings were valued at 123.4 billion KRW as of August 30th.
Source: Wikitree
