Yang Hyun Suk, founder of K-pop powerhouse YG Entertainment, is set to face trial in November for allegedly smuggling luxury watches worth approximately 800 million KRW.
The 54-year-old executive producer of YG Entertainment is facing trial for allegedly receiving luxury watches as gifts from overseas and failing to declare them to customs.
He was indicted without detention by the Busan District Prosecutors’ Office’s Public International Crime Investigation Department in September for violating customs regulations.
Yang Hyun Suk is accused of smuggling two luxury watches worth 828.06 million won into Korea without customs declaration upon arrival at Incheon International Airport in September 2014.
Korea’s Customs Act (Article 241) requires detailed information to be reported when importing goods. Failure to report may result in up to 5 years imprisonment or fines equivalent to 10 times customs duty or goods’ value.
Regarding the controversy, YG Entertainment released a statement criticizing the prosecution’s decision to indict Yang Hyun Suk before the 10-year statute of limitations expired.
They shared that Yang fully cooperated with investigations in 2017 and voluntarily submitted sponsored watches to avoid controversy. They argued that the prosecution indicted him based on inconsistent witness statements and inadequate investigation.
The Seoul Western District Court’s 11th Criminal Division has scheduled the first trial for November 15 after completing the trial preparations.
