The head of a major South Korean entertainment management agency has resigned amid allegations of drug abuse and other irregularities involving some celebrity clients. 

Yang Hyun-suk released a statement on YG Entertainment's Web site on Friday announcing that he is resigning from all titles and duties at the company he founded. 

The singer-turned-producer said his patience has run out as shameful rumors against him and his artists are being spread and talked about if they are true. 

He added that he is stepping down for YG’s further growth under the leadership of more talented managers, hoping it will also bring stability to the company. Yang stressed that the truth behind all the media reports and rumors regarding the company will be revealed through investigations by legal enforcement authorities. 

The 49-year-old music mogul is suspected of attempting to cover up drug-related allegations against B.I, one of the members of boy band iKon. Earlier in the day, police vowed to thoroughly investigate the case. 

Some other K-pop groups under YG’s management have also been dogged by allegations of drug use and other crimes in recent years.