The billionaire founder of South Korean tech giant Kakao Corp, Kim Beom-su was arrested on Tuesday on accusations of manipulating stocks during the acquisition of a K-Pop agency last year.
Seoul, South Korea — The case is the latest legal twist for Kakao, which runs South Korea’s largest chat app, after the company and another executive went on trial last year for alleged wrongdoing during the same acquisition. Kim, who is also known as Brian Kim, is seen as a visionary in South Korea’s digital industry for building Kakao’s group of affiliates – worth 86 trillion won by assets – from the ground up since launching the chat app in 2010.
The high-profile tech entrepreneur is the largest shareholder of Kakao Corp, with a 24% stake that he and affiliated entities control. Seoul Southern District Court approved the arrest warrant to prevent the potential destruction of evidence, and because Kim was a flight risk, a court official said on Tuesday. Kim is being held at the Seoul Nambu Detention Centre, a prosecution spokesperson said.
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