JYP Entertainment stock price drops as J.Y. Park's uncle-in-law gets arrested

It appears J.Y. Park has run into problems again due to his relationship with the Yoo family through his wife.  Previously, he had to address the fact that his wife's uncle was Billionaire Yoo Byung Un, the man who owned the Sewol ferry that sank and started an almost cult-like religion that caused great controversy in South Korea.  This time, it appears that the younger brother of Yoo Byung Un, Yoo Byung Ho, was taken into custody on June 22.

SEE ALSO: J.Y Park addresses religion, wife's uncle as the owner of the Sewol ferry & rumors of illegal funding

As soon as this news came out, J.Y. Park's agency JYP Entertainment met with the consequences as its stock price suffered a blow.  On June 23, the stock price for JYP Entertainment dropped by 5.86% to 4,180 won ($4.10 USD) a share. These stock price was originally 6,240 won ($6.12 USD) a share back on April 16, the day the Sewol ferry sank, and has been on a continuous downward trend since with around 34 million shares outstanding the market capitalization dropped from around $208 million USD in April to around $142 million USD today.

JYP Entertainment told Ilgan Sports on June 23, "The problem [of these rumors] is influencing the drop in stock price.  However, we said all we had to say at the time of the first controversy.  We have no more to say about this situation."

Yoo Byung Ho was arrested at 6:20 PM on June 22 at a house located in Jung-dong, Suseong-gu, Daegu on charges of embezzlement.