JYP Entertainment’s stocks have plunged as reports of Park Jin Young’s alleged involvement with a religious cult were released.
A Korean media outlet released reports claiming that Park Jin Young was involved in a religious sect called the Evangelical Baptist Church of Korea, more commonly known as the Salvation Sect.
The Salvation Sect was led by the owner of the Sewol Ferry which killed over 300 people in the tragic sinking of the Sewol Ferry in 2014.
After the release of the reports, the stocks plummeted from 21,450 won (~$19.93 USD) from the previous day down to 19,000 won (~$17.65). It has since recovered to 20,250 won (~$18.77 USD), 5.59% lower than the previous close.
Park Jin Young has spoken out to reveal that he is not a member of Salvation Sect and will be taking legal actions.