S.Korea's YG Ent jumps; co cancels contract with scandal-hit singer

YG Entertainment

13/03/2019 05:38

** Shares of South Korea's YG Entertainment Inc  122870.KQ ,
agency of a scandal-hit K-pop star, are trading up 6.6 pct after
it announced to cancel the contract with the singer
    ** The agency admits its loopholes in managing Seungri in a
statement, saying it will cancel the contract as requested by
the singer
    ** Seungri, whose real name is Lee Seung-hyun, said on
Monday that he will retire after alleged sex bribery case went
viral  urn:newsml:reuters.com:*:nL3N20Y21A
    ** As a member of popular boy band Big Bang, Lee gained
popularity across Asia, while also achieving success as a
businessman
    ** After the singer was charged on Sunday for providing
prostitutes to foreign investors, shares of YG closed down 14.1
pct on Monday
    ** The broader KOSPI market  .KS11  was trading down 0.6 pct

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