SEOUL: K-pop star Seungri announced on Monday (Mar 11) he is retiring from show business, as police continue to investigate his alleged involvement in a sex-for-investments scandal.
"I think it would be good for me to retire from the entertainment industry at this point," wrote the 29-year-old BIGBANG singer on Instagram. "I have decided to retire because the controversy has become so big.
"I will sincerely participate in investigations into all allegations."
Seungri has been questioned by the police at least once since a local media outlet reported that he had engaged prostitutes for potential investors of Yuri Holdings, a company he founded in 2016 to manage his restaurant and entertainment businesses.
Shares of the agency which manages him, YG Entertainment, plunged 21.9 per cent after the report, even as the star, who is also popular in China and Japan, denied the allegations.
Burning Sun, a nightclub where he was public relations director, is also being investigated over allegations of corruption, drug abuse and violence.
In February, YG Entertainment said Seungri would cancel all planned engagements, including the final shows of his solo tour, to focus on the investigation.
In his Instagram post, Seungri also said he could no longer bear to be a burden to others, by remaining in the industry while being "blamed by everyone and probed by all the investigative agencies".
He apologised and thanked his fans for their support in the last 10 years, saying he is retiring to "preserve the honour" of BIGBANG, as well as YG Entertainment.
Seungri is set to enlist in the army this month despite the investigations. Citing National Police Agency Commissioner General Min Gap-ryong, Yonhap reported that the authorities would continue with the investigation even if he joined the military and would do so in consultation with the defence ministry.