Kakao Founder Brian Kim Indicted for Stock Manipulation in SM Entertainment Takeover

The high-profile case involves allegations of inflating stock prices to outbid rival Hybe, with Kim now detained awaiting trial.

South Korean prosecutors have charged Kim Beom-su, founder of Kakao, with stock price manipulation.
Kim allegedly orchestrated a share-buying spree to inflate SM Entertainment's stock value during a takeover bid.
The indictment follows Kim's arrest last month and has significant implications for Kakao's $25 billion business empire.
Kakao reported a second-quarter operating profit of 134 billion won, amid the legal turmoil.
Kim's case is the most prominent tech executive prosecution in South Korea since Samsung's Lee Jae-yong.