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Jul 23, 2024 - 07:38
By asia.nikkei.com

Kakao founder Kim Beom-su arrested for alleged stock manipulation

SEOUL -- The founder of South Korea's leading internet company, Kakao, has been arrested over alleged stock manipulation, creating uncertainties for the tech conglomerate known for its popular KakaoTalk chat app.

A Seoul district court issued an arrest warrant for Kim Beom-su early on Tuesday morning after prosecutors alleged he was involved in intentionally inflating K-pop agency SM Entertainment's stock last year to block rival agency Hybe from buying a controlling stake in SM.