BURNING SUN, where VI (former BIGBANG) was an internal director, files for bankruptcy

BURNING SUN, where VI (Seungri), a former member of the Korean boy group BIGBANG, served as an internal director, is going through bankruptcy proceedings.
According to a media report on the 25th, the Seoul Restoration Court declared simple bankruptcy against Burning Sun Entertainment on the 18th of this month.
BURNING SUN Entertainment is the operator of the club BURNING SUN in Gangnam-gu, Seoul. It opened in 2018, and VI is listed as an internal director.
In the same year, the so-called "BURNING SUN Gate" became a controversy, and seven years later, the company ended up in bankruptcy.
Simplified bankruptcy is a procedure that is carried out when the debtor's assets at the time of bankruptcy declaration are less than 500 million won.
The bankruptcy procedure is simpler than that of a general bankruptcy. The BURNING SUN club was indicted at the time on suspicion of arranging sex trade with foreign investors and providing funds to them.
The Burning Sun scandal caused a stir in South Korea. VI's downfall was due to the Burning Sun scandal, and he left the group. VI has been involved in several interviews with foreign investors to attract investment in clubs, financial investment businesses, etc.
VI was accused of arranging sex trafficking and soliciting prostitution himself. He also siphoned off 520 million won of BURNING SUN's funds to YURI Holdings under the pretext of EMBEZZLEMENT and legal fees for employees.
He was accused of embezzling over 20 million won from the company's funds. He was also found guilty of nine other charges, including violating the Food Sanitation Act and being a special violent teacher, making it difficult for him to work in Korea.
VI was sentenced to one year and six months in prison and was released in February 2023. After that, VI was often seen abroad doing overseas business and at restaurants in Seoul.
BURNING SUN, which VI revealed to us, ended up going bankrupt after six years and faded into memory.