YG Entertainment shares down following tax investigation

Park Sae-jin Reporter Posted : 2019-03-21 11:27 Updated : 2019-03-21 11:27
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[Yonhap Photo]

SEOUL -- Shares of South Korea's top entertainment agency YG Entertainment fell sharply after tax officials raided the agency's head office to secure documents for a probe into possible tax evasion.

YG Entertainment fell five percent to at 34,250 won ($30.4) as of 10:01 a.m. (0101 GMT) Thursday. The tax investigation came at the height of a police investigation into a sex scandal involving Seungri, who was expelled from his group BIGBANG and YG Entertainment.

Seungri and his business partner, Yoo In-seok, who launched an entertainment and restaurant company, were accused of using dance and music clubs to arrange sexual services for business favors.