On the morning of July 26, YG Entertainment stock price hit a new low, a number that is its lowest in 52 weeks.
The stock price bottomed at 25,750 won a share, the height of the stock value was 50,800 won 52 weeks ago.
The share price went down by 4.9%. Many believe the recent news of Daesung building controversy which is suspected of having illegal activities going on related to prostitution.
Since then, Daesung released an apology through YG Entertainment and the police released a statement in which they revealed they will be investigating the matter to see if Daesung is to be held responsible for aiding or abetting in the suspected illegal activities in the building.
YG Entertainment stock price has been declining since early 2019 beginning with Seungri huge controversy followed by Yang Hyun Suk various controversies. Yang Hyun Suk was recently booked by police on suspicion of mediating prostitution and an investigation is underway.
To make matters worse, Channel A returned with a second more detailed report that was released today. Building tenants claim Daesung is playing dumb telling the press he had no idea of the illegal activities taking place in his building.
Some insiders even reported friends of Daesung visited the building. Suspicions of tax evasion are also being brought up due to the incorrect property tax being paid.
When Daesung’s side was contacted about the new allegations made against him, they stated they couldn’t give a statement and are checking facts.
You can read the new detailed report here. (Soompi did a good job translating the report, it’ll give you an idea of what trouble could be awaiting Daesung)
Thus, it is expected that YG Entertainment stock price will dip even further following Channel A second report.