YG Entertainment dives on report of CEO's alleged wrongdoing

YG Plus

27/05/2019 06:48

** Shares of YG Entertainment  122870.KQ , one of South
Korea's top talent management agencies, plummet after a local
broadcaster gave notice that it will air programme later on
Monday about allegations of its CEO's involvement in potentially
illegal activities by the company.
    ** Shares of YG Entertainment and affiliate YG Plus
 037270.KS  fell as much as 12.4% and 17.3%, respectively
    ** YG Entertainment denied the allegations of wrongdoing in
a statement to Reuters as "entirely untrue."
    ** In March, YG Entertainment terminated contract with
singer Lee Seung-hyun, 28, better known by the stage name
Seungri who is suspected of paying for prostitutes for foreign
businessmen to drum up investment in his business. He denied
charges.  urn:newsml:reuters.com:*:nL3N2180K0
    ** The broader KOSPI market  .KS11  was trading down 0.22%
as of 0512 GMT

 ((Yuna.Park@thomsonreuters.com; +822 3704 5565; Reuters
Messaging: yuna.park.thomsonreuters.com@reuters.net))