South Korean tech giant Kakao’s founder arrested in stock price manipulation case
Associated PressSEOUL, South Korea — South Korean prosecutors said Tuesday they have arrested the founder of technology giant Kakao Corp. for alleged stock price rigging during his company’s takeover of a major K-pop agency last year. Kim faces allegations that he orchestrated and approved schemes to collaborate with the operator of a private equity fund to deliberately inflate the stock price of K-pop agency SM Entertainment to prevent Hybe Corp., the parent company of another K-pop powerhouse behind global sensation BTS, from buying SM Entertainment, according to the prosecutor. Kakao Corp. said in a statement Tuesday that “the current situation is regrettable.” It said it will strive to minimize the management gap but didn’t directly address Kim’s arrest. SM’s top executives had supported Kakao’s tender offer as a “friendly” one and described the technology firm as the “optimal strategic cooperative partner.”
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Kakao founder arrested in alleged K-pop stock rigging scheme
Hindustan Times
Kakao’s Kim eclipses Samsung heir as South Korea’s richest man
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