YG Entertainment has released an official statement announcing the termination of the agency's contract with SEUNGRI of K-pop boy group BIGBANG.
Following SEUNGRI's personal social media post about him retiring from the entertainment industry, YG Entertainment released the following statement on March 13:

Hello, this is YG Entertainment.

Starting from the recent assault case occurred in a club that SEUNGRI was involved in to the numerous suspicions and controversies, we would like to express our sincere apology for the concerns we have caused many people including the fans.
After SEUNGRI announced his retirement on March 12, YG Entertainment has decided to accept SEUNGRI's request to terminate his exclusive contract.

As an artist management agency, we, YG Entertainment, admit that the company have not managed the artists as thoroughly as we should, and we are deeply reflecting on that.

Lastly, YG Entertainment is aware that we need major improvements, and we promise to work with all of our employees to put those into place.
Meanwhile, SEUNGRI is scheduled to enlist in the military on March 25.

(Credit= Baik Seung-chul/SBS funE, YG Entertainment) 

(SBS Star)