Prosecutors Summarily Indict Former YG CEO Yang Hyun-suk on 'Overseas Gambling' Charges... 'Hwanchigi Suspicion' Not Prosecuted

Former YG Entertainment Chief Producer Yang Hyun-suk [Image source=Yonhap News]

[Asia Economy Reporter Donghoon Jeong] Yang Hyun-suk (51), former CEO and producer of YG Entertainment, has been summarily indicted on charges of engaging in high-stakes gambling overseas.

The Criminal Division 3 of the Seoul Western District Prosecutors' Office (Chief Prosecutor Lee Jae-seung) announced on the 14th that it requested the court to issue a summary order against former CEO Yang on the 26th of last month.

A summary indictment is a procedure in which the prosecutor requests a fine from the court at the time of indictment if the prosecutor believes that a fine is more appropriate than imprisonment or detention for the suspect.

Former CEO Yang gambled a total of $335,460 (approximately 388 million KRW) at a casino in Las Vegas, USA, along with four other companions. It is known that he traveled abroad a total of seven times from July 2015 to January 2019.

The police had previously sent former CEO Yang to the prosecution with an opinion to indict him on charges of habitual gambling.

Former CEO Yang was also accused of raising gambling funds through a so-called 'hwan-chigi' method, borrowing dollars in the US with Seungri and repaying in Korean won domestically, violating the Foreign Exchange Transactions Act. The prosecution decided not to indict on the Foreign Exchange Transactions Act violation charge, stating "there is insufficient evidence to prove the charge."

This content was produced with the assistance of AI translation services.