Kakao billionaire arrested in K-pop market manipulation case

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Technology,South Korea,Courts Crime

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Kim arrives at a court in Seoul on July 22, 2024. The billionaire founder of South Korean Internet conglomerate Kakao was arrested early on July 23, a Seoul court said, accused of manipulating stock prices during the acquisition of K-pop powerhouse SM Entertainment. The Seoul Southern District Court approved an arrest warrant for Kakao founder Kim Beom-su, citing risks of him fleeing and destroying evidence, it said in a statement.

Shares in Kakao, which have fallen by about a quarter this year, slid as much as 5.4% in Seoul on Tuesday. Shares in KakaoBank Corp gained about 2% in active morning trade however. The Korean conglomerate may have to cut its stake in the online fintech affiliate – making room for other investors – if the courts find Kim guilty.

His company won a controlling stake in SM after an intense bidding battle with Hybe Co, the label behind boyband sensation BTS. Financial regulators have since accused executives at Kakao and unit Kakao Entertainment Corp of buying 240bil won in shares of SM at the time, to disrupt Hybe’s offer. Kim – who as a boy shared a room with seven family members – founded the company that would become Kakao in 2006. He started the massively successfulmobile messaging app four years later, which would go on to become the heart of an online empire spanning banking, shopping, gaming and ride-hailing. At one point, he surpassed Samsung’s Lee to become the country’s richest person.

 

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