Yang HyunSuk Owns 70% Of Club That Is Currently Suspected Of Tax Evasion
A club known as ‘Love Signal’ is currently suspected of tax evasion as news reports released on March 6th claim that the establishment is registered as a restaurant instead of an entertainment establishment, much like BIGBANG member SeungRi’s clube ‘Monkey Museum’.
‘Love Signal’, located in the Mapo-gu district, is under a law that allows customers to be able to dance only in their seats, and it is likely the law was created in order to differentiate establishments from night clubs and to also prevent too many night clubs from being established. However, despite being registered as a restaurant, ‘Love Signal’ has a stage where customers can dance on, which is the reason why many people are suspecting tax evasion,
It has also been reported that YG Entertainment CEO Yang HyunSuk owns 70% of an investment company that owns ‘Love Signal’, whereas the remaining 30% of the shares belong to his younger brother Yang MinSuk.
When news agencies attempted to get in contact with the investment company, they were given the following response below.
“We have nothing to say regarding the current matter. If the Mapo-gu district says we are in violation of their regulations, then it must be so. Please contact the Mapo-gu district for answers.”
And below is what the Mapo-gu district had to say.
“We do not inspect restaurants that allow dancing on the premises. And it is possible that we issued a warning to the restaurant to comply, but they just simply have not.”