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SEOUL, Oct. 26 (Yonhap) — The financial regulator said Thursday it has sent Kakao Corp., its entertainment subsidiary and three senior executives to prosecutors over alleged stock price manipulation in connection with a takeover bid.
The move came days after Kim Beom-su, founder of the social media giant Kakao, was summoned for questioning by the Financial Supervisory Service (FSS).
Kim was not included in Thursday’s list of those set to be prosecuted, but FSS investigators said the list included only those that are most likely to be prosecuted “for now.”
“(We) plan to swiftly refer the other suspects (to the prosecution) as suspicions for their involvement become more clear,” they said.
Kakao and its executives have been accused of manipulating the stock prices of K-pop powerhouse SM Entertainment in a bidding war against Hybe, the parent company of K-pop superband BTS’ management agency BigHit.
Hybe had sought to take over additional SM stocks from small shareholders for 120,000 won (US$88.4) per share after acquiring a 14.8 percent stake from SM founder Lee Su-man.
Kakao and its executives are suspected of inflating SM share prices by investing some 240 billion won in a bid to take over SM Entertainment itself.
Kakao’s chief investment officer, Bae Jae-hyun, was arrested earlier this month on suspicion of stock manipulation. Bae has denied wrongdoing.
Kakao founder Kim Beom-su (C) appears for questioning at the headquarters of the Financial Supervisory Service on Oct. 23, 2023. (Yonhap)
bdk@yna.co.kr
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