In the aftermath of B.I’s drug scandal, YG Entertainment has finally spoken up and revealed that they have terminated B.I’s exclusive contract.

YG Entertainment released their official statement on the matter moments ago.

Hello, this is YG Entertainment.

We would like to apologize to everyone who was disappointed by YG Artist Kim Han Bin’s personal matters.

Kim Han Bin feels a heavy sense of responsibility in the aftermath of the event, and we have also taken this matter seriously. It has been decided that he will withdraw from iKON and his contract with YG Entertainment will be terminated.

YG is aware that we need to maintain management responsibility for our artists.

We would like to sincerely apologize once again for the trouble caused.

— YG Entertainment

In the hours following the news, YG Entertainment’s stock prices have been tumbling, and B.I will also be edited out of both of the variety shows he was a cast member of.