Korea Zinc’s role questioned in SM Entertainment stock manipulation case

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Korea Zinc’s role questioned in SM Entertainment stock manipulation case - Korea Economic Daily

Quick Summary:

When OneAsia Partners, a Seoul-based private equity fund operator, revised part of its PEF Havana I’s articles of association on Feb.14, 2023, the amendment was far from usual.The 111.2 billion won ($80 million) fund was created by contributions from two limited partners (LPs) – 101.6 billion won from Korea Zinc Inc.and the remainder from Chosun Refractories Co.

OneAsia Partners is accused of inflating the stock price of SM Entertainment by colluding with kakao Corp., with the purpose of obstructing the takeover bid by Kakao’s competitor, HYBE Co., during their battle for management rights of SM Entertainment in February 2023.

According to court records related to Kakao’s stock manipulation trial, a Kakao Entertainment Corp.executive facilitated a phone call between OneAsia Chairman Ji Chang-bae and Kakao Corp.’s chief investment officer on Feb.10.