Seung-ri, one of the biggest names in the K-pop firmament has been charged with supplying prostitutes. The singer, who denies the charges, on Monday announced that he will immediately retire from showbiz in order to protect his boy band Big Bang and its backer the talent agency YG Entertainment.

“We booked Seung-ri and changed his status to that of a suspect in order to issue a search and seizure* warrant and clear [Seung-ri] of the suspicions*,” a police spokesman said at a press conference.

The charges, which potentially carry a three-year jail sentence, follow a police raid on Sunday night of a nightclub in Seoul that Seung-ri controls. YG shares collapsed by some 14 percent on Monday.

The 28-year-old singer, whose real name is Lee Seung-hyun, and who also uses the stage name V.I. in Japan, has been in the headlines for several weeks.

Following an assault at the club, a video of which circulated* online, Seoul police announced in late January that they were investigating goings on at the club.

Allegations included the supply of drugs to patrons, and staff supplying drug-addled women for VIP clients to have sex with. Seung-ri denied any knowledge or any role.

But at the end of February a series of text messages, dating back to 2015, emerged.

These appeared to show Seung-ri and three other people discussing supplying prostitutes to potential investors at the club and his Yuri Holdings company.

(SD-Agencies)