Kakao Corp. founder Kim Beom-su investigated for alleged stock price manipulation in 2021 SM Entertainment acquisition to obstruct Hybe's rival bid.
Kim Beom-su, founder of Kakao Corp., is being investigated for alleged stock price manipulation regarding Kakao's acquisition of K-pop entertainment company SM Entertainment in 2021. Prosecutors suspect Kakao of driving up SM's stock prices to obstruct a rival bid from Hybe, parent company of BTS' management agency BigHit. Kakao's chief investment officer Bae Jae-hyun and the company have been indicted on stock manipulation charges.
July 09, 2024
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