S Korean tech giant Kakao's founder arrested for stock price manipulation

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S Korean tech giant Kakao's founder arrested for stock price manipulation - Business Standard

Quick Summary:

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 sensation BTS, from buying SM Entertainment, according to the prosecutor.

South Korean prosecutors said Tuesday they have arrested the founder of technology giant Kakao Corp.for alleged stock price rigging during his company's takeover of a major K-pop agency last year.

Prosecutors have up to 20 days to investigate Kim and determine whether to indict him, according to a senior prosecutor at a Seoul district prosecutors' office.