South Korean Tech Giant Kakao's Founder Arrested for Stock Price Manipulation

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South Korean prosecutors have arrested Brian Kim, the billionaire founder of technology giant Kakao Corp., on suspicion of stock price rigging. The allegations stem from his company's takeover of a major K-pop agency last year. Here are the key details:


1. Arrest and Allegations:

   - Kim orchestrated and approved schemes to collaborate with a private equity fund operator.


   - The goal was to manipulate the stock price of K-pop agency SM Entertainment.


   - This manipulation aimed to prevent Hybe Corp. (parent company of K-pop sensation BTS) from acquiring SM Entertainment.


   - Kim denies these allegations.


2. Background:

   - Kakao Corp., known for its popular local mobile chat app, Kakao Talk, has diversified into banking and online shopping.


   - SM Entertainment's top executives opposed Hybe's takeover attempt, fearing industry monopolization and higher costs for fans.


   - Kakao supported SM Entertainment as a "friendly" partner.


3. Legal Process:

   - The Seoul Southern District Court approved an arrest warrant for Kim.


   - Prosecutors have up to 20 days to investigate and decide whether to indict him.


4. Impact:

   - Kakao's stock price fell nearly 5% following the news.


In summary, Brian Kim's arrest highlights the intersection of tech, finance, and K-pop in South Korea. We'll keep you updated as 

the investigation unfolds.



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