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

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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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S. Korea's billionaire Kakao founder faces arrest over alleged stock manipulation in K-pop agency SM Entertainment acquisitionSEOUL, July 23 — The billionaire founder of South Korean tech giant Kakao Corp, Kim Beom-su was arrested today on accusations of manipulating stocks during the acquisition of a...
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