shot-button
Maharashtra Elections 2024 Maharashtra Elections 2024
Home > News > World News > Article > South Korean tech giant Kakaos founder arrested

South Korean tech giant Kakao’s founder arrested

Updated on: 24 July,2024 07:35 AM IST  |  Seoul
Agencies |

Prosecutors have up to 20 days to investigate Kim and determine whether to indict him. He requested anonymity because an investigation was under way.

South Korean tech giant Kakao’s founder arrested

Kim Beom-Su

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.


The arrest of Kim Beom-Su, also known as Brian Kim, came after the Seoul Southern District Court approved an arrest warrant, citing concerns that he could flee or destroy evidence. Prosecutors have up to 20 days to investigate Kim and determine whether to indict him. He requested anonymity because an investigation was under way. 


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. Kim, 58, denied the allegations, according to the Seoul prosecutors’ office.


This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!

Register for FREE
to continue reading !

This is not a paywall.
However, your registration helps us understand your preferences better and enables us to provide insightful and credible journalism for all our readers.

Mid-Day Web Stories

Mid-Day Web Stories

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK