South Korean tech billionaire arrested for alleged stock manipulation
The founder of the South Korean tech company Kakao was arrested on Tuesday on charges of manipulating share prices.
According to South Korean news agency Yonhap, a district court in Seoul issued the arrest warrant for Kim Beom Su.
The decision was justified by the risk that the 58-year-old entrepreneur could flee or destroy possible evidence.
Mr Kim and his company’s management are suspected of artificially inflating the share prices of the Korean music label SM Entertainment in February of last year during a bidding war to prevent its takeover by a competitor.
A month later, in March 2023, Kim’s company, Kakao, became the main shareholder in SM Entertainment.
Mr Kim’s arrest is initially limited to 20 days, during which the public prosecutor’s office is expected to conduct further investigations and file formal charges.
With his internet empire, Kakao, which he founded in 2010, the entrepreneur is considered one of the country’s most successful and wealthy businesspeople.
His group of companies is best known for the messenger service KakaoTalk, the most popular chat app in South Korea.
(dpa/NAN)
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