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Korean Prosecutors Arrest Kakao Corp. Chief Over SM Entertainment Takeover Allegations
Korean prosecutors have arrested Brian Kim, founder of Kakao Corp., over stock manipulation allegations relating to its takeover of SM Entertainment.
South Korean prosecutors said that they had arrested Kim Beom-su, the billionaire founder of tech giant Kakao, over alleged stock price manipulation. Hybe Corp., the powerhouse agency behind BTS, attempted to buy a 15% share stake in SM Entertainment that were being sold by its estranged founder Lee Soo-man. After a share price drop on Tuesday, followed by a partial rebound on early Wednesday, Kakao stock trades at KRW39,650, valuing the group at KRW17.5 trillion ($12.6 billion).
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