YG Entertainment’s stock prices have fallen following reports today about BIGBANG members Seungri and G-Dragon.
On February 26 at 2:34 p.m. KST, YG’s stock prices fell 2,350 won (approximately $2.10) and 4.95 percent to 45,150 won (approximately $40.39).
The report about Seungri speculated that he told employees to find prostitutes for potential business investors. These speculations were based on text messages that were reportedly between Seungri, Singer C, Park Han Byul‘s husband referred to as Mr. Yoo, and Burning Sun’s Employee Kim. According to the text messages, the individuals were preparing to entertain Foreign Investor B at Club Arena and discussed arranging prostitutes for the visitors.
YG Entertainment denied the reports and said, “Upon checking with the artist himself, the text messages in the article are fabricated and not true. In addition, just as we have always done, we inform you that we will take strong legal action against the proliferation and reproduction of rumors and fake news.”
Meanwhile, a different report speculating that G-Dragon is receiving special treatment in the military was released.
According to Korean army regulations, a soldier is a private for the first three months, a private first class for the next seven months, and then a corporal for the following seven months.
As G-Dragon began with his official assignment on April 5, 2018 after completing training, his colleagues have been promoted to be corporals. However, G-Dragon was reported to still be of private first class rank.
The report stated that during 364 of his military service, G-Dragon spent 100 of those days outside of the unit. This amount of time off is speculated to be the reason why G-Dragon has not been promoted.
A source from his division commented, “G-Dragon is currently a private first class. We cannot reveal detailed matters. Even if [he] was omitted from promotion, [he] will be automatically promoted after time passes.”
At the time of this article, YG stocks are priced at 45,400 won (approximately $40.61) which is a 4.42 percent decrease from yesterday.