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CNBlue's singer Jung Yong-hwa grilled over insider trading allegation

All Headlines 22:10 June 28, 2016

SEOUL, June 28 (Yonhap) -- Prosecutors on Tuesday summoned Jung Yong-hwa, the leader of the South Korean boy band CNBlue, alleged to be involved in insider trading.

He is suspected of having earned some 200 million won (US$170,000) last year in illegal use of information on his entertainment agency's plan for a contract with another celebrity.

Jung reportedly bought 21,000 shares of the agency, to which he belongs, before July last year and sold those after the announcement of the contract.

He faces charges of violating the law on the capital market and financial investment industry. The agency's president, whose name was withheld, was also summoned to face questioning.

The Financial Services Commission referred the case to prosecutors last month, who later raided Jung's house and the agency's office.

"We are looking into whether he violated the law, (though) the possibility that he is innocent can't be ruled out," a prosecutor said.


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