Founder of South Korea’s Kakao Arrested for Alleged Stock Manipulation
Kakao’s Founder, Kim Beom-su, is accused of conspiring to inflate K-pop agency SM Entertainment’s stock price to prevent a takeover by rival agency Hybe Corporation.
Kakao’s Founder, Kim Beom-su, is accused of conspiring to inflate K-pop agency SM Entertainment’s stock price to prevent a takeover by rival agency Hybe Corporation.
A scandal has rocked HYBE, the agency managing global K-pop superstar BTS. South Korean prosecutors have charged three employees from HYBE subsidiaries with insider trading. The charges stem from allegations that these employees sold HYBE shares before the official announcement of BTS’s hiatus on June 14, 2022.