Kim Beom-su is implicated of conspiring to pumpup SM Entertainment’s stock rate to avoid takeover by competitor firm.
Published On 23 Jul 2024
The creator of South Korea’s Kakao Corp hasactually been jailed on suspicion of rigging the tech huge’s stock rate throughout its acquisition of K-pop juggernaut SM Entertainment.
Seoul Southern District Court released the arrest warrant for Kim Beom-su on Tuesday, pointingout the possibility he might attempt to leave or ruin proof.
South Korean districtattorneys haveactually implicated Kim, likewise understood as Brian Kim, of conspiring with a personal equity fund to buy some 240 billion won ($173m) worth of shares to pumpup SM Entertainment’s stock rate and avoid its takeover by competitor homeentertainment company Hybe Corp.
Hybe withdrew an deal to buy a 14.8 percent stake in SM Entertainment after the business’s stock p