Cocoa founder Beom-su
Share price manipulated: Tech billionaire arrested
The founder of the South Korean tech company Kakao, Kim Beom-su, has been arrested on charges of share price manipulation. The decision was based on the risk that the accused could flee or destroy possible evidence.
According to South Korea's official news agency Yonhap, a district court in Seoul issued the arrest warrant for the 58-year-old businessman. Kim is suspected of working with his company management to artificially inflate the share price of Korean music label SM Entertainment in February last year as part of a bidding war in order to prevent its takeover by a competitor. One month later, in March 2023, Kim's company Kakao finally became a major shareholder in SM Entertainment itself.
Kim Beom-su's arrest is limited to 20 days for the time being. During this time, the public prosecutor's office is expected to conduct further investigations and file formal charges.
With his internet empire Kakao, founded in 2010, the entrepreneur is considered one of the country's most successful and wealthiest businessmen. His group of companies is best known for the messenger service Kakao Talk, the most popular chat app in South Korea.
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