S.Korea's YG Entertainment hits near 2-yr low, co founder booked

YG Plus

18/07/2019 04:20

** Shares of YG Entertainment  122870.KQ , which manages top
K-pop performers, plunge after local media reports that the
company's former chief producer has been booked by the local
police on allegations that he arranged sex services for foreign
investors
    ** Stock falls as much as 6.5% to its lowest since Sept
2017, while its affiliate YG Plus  037270.KS  also drops as much
as 6.2%, hitting the lowest since June 2013 
    ** Yang Hyun-suk, founder of YG Entertainment, stepped down
last month from his duties as chief producer in the aftermath of
drug and sex scandals involving himself and his artists
 urn:newsml:reuters.com:*:nL4N23L2F6
    ** Co does not have any comments regarding the police
investigation, a company official told Reuters. 
    ** The local police have questioned some K-pop singers as
accusations of sex tapes, prostitutes and secret chat about rape
rocked the music industry  urn:newsml:reuters.com:*:nL3N2111G1
    ** The broader KOSPI market  .KS11  was trading down 0.3%,
while the junior KOSDAQ market  .KQ11  was trading up 0.2%

 ((hayoung.choi.thomsonreuters.com@reuters.net))