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Kakao founder Kim Beom-su charged with alleged SM Entertainment stock manipulation to block Hybe’s acquisition

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Kim Beom-Su,Sm Entertainment,HYBE

SEOUL, Aug 8 — South Korean prosecutors indicted today Kim Beom-su, the billionaire founder of tech giant Kakao Corp, on charges of stock market manipulation, the Yonhap news...

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The Kakao founder, who is also known as Brian Kim, was arrested last month and has been detained since. Prosecutors say he was involved in manipulating the stock price of SM Entertainment in February last year to hinder a competitor, Hybe, from acquiring it. Today, the tech giant posted an operating profit of 134 billion won in the second quarter, 18.5 per cent up from a year ago.

 

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