S.Korea's YG Entertainment falls on gambling charges against company founder

YG Entertainment

09/08/2019 03:16

** Shares of YG Entertainment  122870.KQ , which manages top
K-pop performers, fall more than 8% on media reports police have
launched a preliminary investigation into the company founder
** Seoul Metropolitan Police Agency says it has begun a
preliminary investigation into Yang Hyun-suk on suspected
criminal activity related to gambling
** A spokesman for YG Entertainment says the company does not
have additional information about the police investigation
** Yang, founder and former chief producer of YG Entertainment,
was charged by the police last month on suspicion of arranging
sex services for foreign investors  urn:newsml:reuters.com:*:nL4N24J08B
** Amid a series of scandals involving Yang and YG artists, its
shares hit record lows on Tuesday
** The broader KOSPI market  .KS11  was trading up 1.3%, while
the junior KOSDAQ market  .KQ11  was trading up 0.8%

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