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KAKAO FOUNDER KIM BEOM-SU SUMMONED FOR QUESTIONING FOR STOCK MANIPULATION
🕑 Added 2024-07-04 19:56:45 +0000 UTCThe prosecution investigating allegations of Kakao manipulating SM Entertainment’s stock price has confirmed that it will summon Kakao founder and Management Reform Committee Chairman Kim Beom-soo for questioning next week.
According to an extensive investigation by the Law Times, the 2nd Financial Investigation Division of the Seoul Southern District Prosecutors’ Office, led by Chief Prosecutor Jang Dae-gyu, plans to summon Chairman Kim as a suspect on the 9th.
The prosecution suspects that Kakao systematically manipulated SM Entertainment's stock price with Chairman Kim’s approval.
Following Chairman Kim’s questioning, the prosecution is expected to review its policy on handling new cases.
Recently, the prosecution has been investigating Hwang Tae-seon, the head of the Kakao CA Council and one of Chairman Kim’s closest associates.
This investigation began when Hive, which competed with Kakao during the SM Entertainment acquisition battle in February last year, submitted a petition to the Financial Supervisory Service. The petition alleged that “abnormal purchasing behavior occurred during the public offering.”
Previously, the Financial Supervisory Service’s Capital Market Special Judicial Police recommended indictments for Chairman Kim, former Kakao CEO Hong Eun-taek, former Kakao Entertainment CEOs Kim Sung-soo and Lee Jin-soo, and Kakao Entertainment Investment Strategy Division Director Lee Jun-ho. They were accused of participating in stock price manipulation during the SM Entertainment acquisition process. Bae Jae-hyun, former Kakao Investment Chief Executive Officer, was indicted first in November last year and is currently on trial.
SOURCE: https://www.lawtimes.co.kr/news/199661
Comments
Hikaru Mokona
Reading this now makes me think that someone in Hybe former SM employee, currently known as the witch, is trying to cover up this kind of news in SM Ent. by using BSH as a bad person. Like trying to cover up this article with BSH article. Clearly we see bad news about SM Ent, being corrupt these days, they also got sued by their idols right? But it doesn't have an impact when BSH or Hybe isn't in the news.
Mary Johnson
I'm wondering if it ties into why HYBE lost the bid for SM. 🤔
katesingsr&b
So did this investigation happened due to HYBE's raising concerns way back? I do remember it being mentioned but didn't know it had resulted in an investigation. I thought as it all went quite because HYBE's concerns were ignored.
