On March 13, the agency released the following statement:
Hello, this is YG Entertainment.
Starting with the assault case at the club that Seungri participated in, various suspicions and controversies have continuously arisen. We bow our heads and express deep apologies for causing trouble to many people including fans.
On March 12, following the announcement of Seungri’s retirement, YG agreed to Seungri’s request and decided to terminate his exclusive contract.
YG acknowledges that as a management company, we were not able to manage thoroughly, and we are deeply reflecting.
Lastly, YG realizes the need for extensive reform and promises to put in our full effort into achieving this together with all of our staff.
Source: Naver via Soompi