Stock prices for YGE have plummeted more than 25% since the Seungri scandal first began. On top of that YG investors are looking to sue Yang Hyun Suk, YG representative CEO.
From the time the ‘Burning Sun’ allegations first broke in December until today, YG Entertainment has lost over 105 billion won (~100,000,000). Foreign investor LMVH pulled their 50.3 billion investment in YG as well as other individual investors with investments totalling 55.3 billion won. To make matters worse, stockholders are demanding compensation from YG on the stock debate bulletin board for the significant losses they incurred due to plummeting stocks.
On top of that, civic groups like the ‘Measures for the People’s Livelihood’ announced Thursday that they have filed a complaint with the Seoul Central District Prosecutor’s office regarding Seungri‘s hidden cameras. They’re also filing a complaint against YG CEO Yang Hyun Suk (Seungri’s agency) and Make Us Entertainment CEO Lee Dong Hyung (Jung Joon Young‘s agency) for neglect of supervision.
A representative from the committee said, “As a public figure who exerts great influence in society they shouldn’t be protected when they lack ethics and morality. It will be a huge social impact to pass on this case. CEOs of small companies are only seeking profits, and they have been consistent with the trick and responsibility of “declining the contract” in the event of inappropriate remarks and deviant acts by celebrities. We need to make it clear that the company is also jointly responsible.” “In particular, the higher the popularity of celebrities and the greater their influence in society, the proportion of profits and responsibilities is proportional,” he said. “We need a strict standard for entertainers and their agencies that have forgotten about this fact.”
Stay tuned for updates.
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