The founder of South Korean internet giant Kakao, Kim Beom-su, has been released on bail while facing charges of stock market manipulation. This case is seen as a significant moment for South Korea's tech industry. The Seoul court set Kim's bail at 300 million Korean won (approximately $218,000). It remains uncertain if he has been released from custody.
Kim Beom-su is accused of attempting to manipulate one of the largest deals in the Korean media industry, the 2023 acquisition of Kpop studio SM Entertainment Co. Prosecutors allege he bought SM shares from BTS's agency, Hybe Co., at 120,000 won per share, artificially inflating their value. The alleged activities reportedly took place over four days in February 2023.
Kim's arrest in July marked a high-profile case following the arrest of prominent Samsung executive, Lee Jae-yong.
