Thursday, July 15, 2010

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Rain drops stake in company ahead of enlistment

Korean pop sensation Rain is due to enlist in the army come September. Recently the star has been busy earning big bucks but reports point out that the star has been making losses in his investments.

Rain invested over 4.8b won (S$6.37m) in J-Tune Entertainment, making him the biggest share holder in the artiste management company. Due to the recent financial crisis, the company's shares prices dropped drastically, incurring huge losses.

Rain reportedly sold his stake in the company before his enlistment, apparently to reduce losses but media reports pinned his losses at around 2b won (S$2.65m).

Many speculate that the superstar is seeking to sign on other companies after he finishes army, leading many to sell their shares in J-Tunes too.

A spokesperson for J-Tunes clarified that Rain is still contracted with them and that the falling share prices are a result of the current economic situation, and not because of Rain.

Source: Yahoo
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