South Korean artiste management agency YG Entertainment made an official announcement today (March 13) that they would be terminating their contract with Seungri, a member of popular K-pop group, BigBang.
"We would like to extend our deepest apologies for causing so much worry to fans and the public regarding the case of violence that occured at the club managed by Seungri and the subsequent development of events," YG said.
"Following Seungri's announcement that he will retire, YG decided to accept his request to end the exclusive contract."
Prior to accepting the star's termination, YG claims that "Seungri did not consult them on the matter at that point of time and that everything was still undecided".
"As an artist management company, we were not able to discipline our artists properly, and for that we are currently reflecting upon ourselves," wrote YG.
They also added that the company "recognise the necessity for reforms to be made, and we promise that our employees will work together and strive for that to happen."