South Korean prosecutors have arrested the founder of the country’s tech giant Kakao Corp. on suspicion of stock price rigging during his company’s takeover of a major K-pop agency last year.
A logo of Kakao Corp. is seen at the Kakao Pangyo Agit office in Seongnam, South Korea, Tuesday, July 23, 2024. South Korean prosecutors said Tuesday they have arrested the founder of technology giant Kakao Corp. for alleged stock price rigging during his companys takeover of a major K-pop agency last year. – South Korean prosecutors said Tuesday they have arrested the founder of technology giant Kakao Corp.
Kim faces allegations that he orchestrated and approved schemes to collaborate with the operator of a private equity fund to manipulate the stock price of K-pop agency SM Entertainment to prevent Hybe Corp., the parent company of another K-pop powerhouse behind global sensationKim, 58, denied the allegations, according to the Seoul prosecutors' office. He was not immediately available for comment.
Kakao Corp. is best known for its hugely popular local mobile chat app, called Kakao Talk. The company has used the popularity of its mobile messenger to branch into banking, online shopping and other services in recent years.top executives had objected to Hybe’s attempt to increase ownership of the company, describing it as a hostile takeover attempt and saying it would lead to monopolization of the industry, pushing up costs for fans.
SM’s top executives had supported Kakao’s tender offer as a “friendly” one, and described the technology firm as the “optimal strategic cooperative partner.” Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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