Korean prosecutors file warrant to arrest Kakao founder for stock manipulation

Quick Summary:

The warrant comes a week after Seoul-based prosecutors launched a probe into Kim’s involvement in the alleged manipulation of SM Entertainment’s share price.

Kakao is reportedly accused of purchasing KRW 240 billion (approximately $174 million) of SM Entertainment’s shares over 553 trades in February 2023.

The warrant is part of an investigation into alleged stock market manipulation related to a high-profile bidding war for music label, SM Entertainment.

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Article Details

Author / Journalist: Kate Park

Category: Technology

Markets: United StatesIndiaSouth Korea

Topics: Kakao Entertainment SM Entertainment Apps HYBE

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-17 @ 08:13:00 (11 hours ago)

News Timezone: GMT -5:00

News Source URL: techcrunch.com

Language: English

Article Length: 1078 words

Reading Time: 6 minutes read

Sentences: 50 lines

Sentence Length: 22 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © TechCrunch

News ID: 21662108

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