The founder of South Korea’s Kakao Corp has been arrested on suspicion of rigging the tech giant’s stock price during its acquisition of K-pop juggernaut SM Entertainment.
Seoul Southern District Court issued the arrest warrant for Kim Beom-su on Tuesday, citing the possibility he could try to flee or destroy evidence.
South Korean prosecutors have accused Kim, also known as Brian Kim, of colluding with a private equity fund to buy some 240 billion won ($173m) worth of shares to inflate SM Entertainment’s stock price and prevent its takeover by rival entertainment agency Hybe Corp.
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