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The emblem of SM Leisure is seen at its headquarter in Seoul, South Korea, March 9, 2023. REUTERS/Kim Soo-hyeon/File picture
SEOUL – Shares in Okay-Pop administration companies fell on Wednesday, after South Korea’s antitrust watchdog started investigations into any potential infractions of subcontracting guidelines when outsourcing manufacturing of albums and merchandise, Yonhap reported.
The Korea Truthful Commerce Fee (KFTC) despatched investigators to the places of work of HYBE, SM Leisure and YG Leisure on Tuesday, Yonhap information company reported citing unnamed business sources.
The KFTC is trying into whether or not companies engaged in any practices with subcontractors corresponding to verbal contracts with out issuing them in writing, unfair contracts or delayed fee, Yonhap mentioned. No particular prices have been introduced.
The KFTC declined touch upon any particular investigation.
HYBE, SM and YG didn’t instantly reply to a request for remark.
Shares in HYBE, the administration company of Okay-Pop sensation BTS, fell 2.1 % in early morning commerce, versus a flat wider market. SM Leisure and YG Leisure shares additionally fell 1.5 % and 0.4 %, respectively, as of 0015 GMT, though YG later reversed losses.
HYBE reported 410.6 billion gained ($315.9 million) in January-March quarter gross sales; out of that, 44.9 % got here from albums and 16.8 % from merchandise and mental property, in line with a Shinhan Funding & Securities report on Tuesday.
($1 = 1,300.0000 gained)
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