SEOUL - A member of South Korean K-pop band Big Bang, who goes by the stage name Seungri, has been charged with providing prostitutes to foreign investors in his private club, media reported on Sunday, sending shares of his agency as much as 14 per cent lower.
His agency, YG Entertainment Inc, one of South Korea's three major K-pop talent agencies, told Reuters on Monday that it was aware the singer had been charged, however, it did not have any new comment.
Shares of YG Entertainment fell as much as 14.2 per cent to their lowest since November 2018.
Police were not immediately available for comment.
The 28-year-old singer, whose real name is Lee Seung-hyun, was also not available for comment on Monday.
He denied procuring prostitutes last month when a media outlet reported he had been involved in "sex bribery".
Shares of YG Entertainment plunged 21.9 per cent after that report.
Following the February media report YG Entertainment said in a statement the report was false.
The agency said on Monday its position remained the same.
The scandal comes ahead of the singer's mandatory military services, which all able-bodied men in South Korea must complete.
The agency said that the singer would join the army later this month to fulfil his military duties.