YG Entertainment’s Stocks Drop Following Reports Of Agency’s Alleged Ties To Police
YG Entertainment’s stock price has dropped below 30,000 won (approximately $25.30).
As of June 14, YG Entertainment’s stocks are priced at 29,500 won (approximately $24.90), which is a 5.60 percent decrease from the previous day as well as the third day of its decline.
Previously on June 12, Dispatch reported on B.I allegedly attempting to purchase illegal drugs with an individual referred to as “A” in 2016. The singer later announced his departure from the group. The following day, “A” submitted documents to the Anti-Corruption and Civil Rights Commission exposing YG Entertainment’s alleged role in covering up the case using their ties with the police.
On June 14, lawyer Bang Jung Hyun revealed that the informant had admitted to using drugs with B.I to the police in 2016, but was influenced by Yang Hyun Suk to change their testimony. The lawyer then added that the police had not further investigated the case following the change in testimony.
The closing price of the day was 41.93 percent lower than the peak of 50,800 won (approximately $43) recorded by YG Entertainment at the beginning of 2019.