Kakao chairman Kim Beom Soo indicted for inventory manipulation in SM acquisition bid

On August 8 KST, the Seoul Southern District Prosecutor’s Workplace indicted chairman Kim Beom Soo, founding father of Kakao, for violation of the Capital Marketplace Act. Kim will face trial whilst in detainment.

Kim Beom Soo is dealing with fees of manipulating the costs of SM Leisure’s shares in February of 2023, when competitor HYBE Labels issued a young be offering at 120,000 KRW within the bid for acquisition of the leisure company. To stop HYBE labels from obtaining SM Leisure’s shares, Kim and Kakao conspired with the non-public fairness company One Asia Companions to mobilize over 240 billion KRW (~ $175 million USD), obtaining a large number of SM shares at a top value and solving the cost of the shares at above HYBE’s mushy be offering. 

Former Kakao CEOs Hong Eun Taek and Kim Sung Soo, dealing with the similar fees, have been additionally indicted with out detainment on these days. 

SEE ALSO: Guy in his thirties booked for trespassing at the SM Leisure construction in Seongdong-gu + assaulting a safety guard

Author: OpenAI