Kakao Founder Kim Beom-su Acquitted of Stock Manipulation Charges in SM Entertainment Case

Kakao Founder and Chairman of the Management Innovation Committee, Kim Beom-su, has been acquitted of charges related to manipulating the stock price of SM Entertainment.

On the morning of the 21st, the Seoul Southern District Court's Criminal Agreement Division 15, led by Chief Judge Yang Hwan-seung, delivered a not guilty verdict for Kim, who was indicted for violating the Capital Markets Act.

Kim was accused of manipulating the stock price by fixing it higher than the public tender offer price to obstruct competitor HYBE during the acquisition battle for SM Entertainment in February 2023.

Reported by Jiye Choi, TenAsia wisdomart@tenasia.co.kr