Yang Hyun Suk will give 500 million KRW to the Sewol ferry victims' families.

As South Korean citizens and many others around the world continue to stay glued to news updates about the Sewol ferry tragedy and the continuing search, donations to the relief effort and the families of the victims are pouring in.

A long list of donators is already well underway with many famous entertainers and public figures offering large sums of money as well as their personal time and other available resources to the ongoing saga of the sunken passenger ship.

Head of one of the nation's largest and most influential entertainment companies, YG Entertainment, Yang Hyun Suk has recently done his part to aid in the disaster. On April 25, the entertainment mogul stated he will be donating 500 million KRW (approximately $481,000 USD) to the families of the victims aboard the ill-fated Sewol Ferry.

The generous donation will be funneled through YG Entertainment's charity program, a project that Yang himself directs. Previously, the charity has helped many other children in need with donations to children's hospitals and struggling families.

In a report from Korean news media outlet Osen, representatives from YG stated that Yang called a meeting with the company executives to discuss the what could be done to help those suffering through these tragic events.

"As a parent with kids myself, I have fallen into great anguish while keeping updated with this Sewol incident and spilled tears every time I watched the news," Yang reportedly addressed the room. "There are probably no words in this world that can console a family that has lost a child." He then announced plans to donate 500 million KRW to the families of the victims aboard the sunken ship and that the charitable gift would be managed by the YG charity program.

An agency rep told Osen, "Throughout the meeting, the mood was very grave. After hearing about Sewol, Yang had already put a stop to all the activities of the agency artists and had proposed that all employees participate in the mourning." The rep said that the company's leader underwent a great deal of anguish deciding what to do to help those suffering from the tragedy.

"Yang has decided he will initially prepare 500 million KRW for donation and that YGE will oversee the process and take responsibility to make sure that funds are delivered to the families who have fallen victim to the tragedy," explained the rep.

Yang Hyun Suk is a former member of iconic first-generation K-Pop group Seo Taiji and Boys.  His agency, YG Entertainment, now manages some of the biggest and most successful acts in the Korean entertainment industry including Big Bang, 2NE1, and Psy.