South Korean Prosecutors Seek 15-Year Prison Term for Kakao Founder in Appeal over SM Entertainment Stock Case (Report)
Prosecutors also asked for a 510 million won fine as they seek to overturn a lower court ruling that cleared him.
- On Wednesday, South Korean prosecutors asked the Seoul High Court to sentence Kakao founder Kim Beom-su to 15 years in prison for stock manipulation, seeking to overturn his acquittal from last year regarding the 2023 acquisition of SM Entertainment.
- Prosecutors allege Kim manipulated SM Entertainment's share price to block a rival tender offer from HYBE, claiming the scheme involved 553 transactions to keep prices above HYBE's offer of 120,000 won per share.
- Alongside the prison term, prosecutors requested a 510 million won fine for Kim, plus 500 million won fines each for Kakao and Kakao Entertainment under South Korea's "dual punishment" rule.
- A conviction could force Kakao to reduce its 27% stake in KakaoBank, as under South Korean law, entities convicted of financial crimes cannot own more than 10% of a bank.
- Kim denies the allegations, maintaining he never ordered illegal activity, while the Seoul High Court reviews claims that the lower court's ruling contained "misinterpretation of facts and misapplication of the law.
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South Korea prosecutors seek 15-year jail term for Kakao ...
SEOUL — South Korean prosecutors asked an appeals court on Wednesday (Sept 23) to sentence Kakao Corp founder Kim Beom-su to 15 years in jail on stock manipulation charges linked to the acquisition of a Kpop agency, Yonhap News Agency reported.Prosecutors are seeking to overturn a lower court ruling last year that cleared Kim of the charges, Yonhap said. They...
15-year prison term sought for Kakao founder in SM stock case
Prosecutors sought a 15-year prison term for Kakao founder Kim Beom-su, Wednesday, during an appeal over his alleged involvement in inflating SM Entertainment's stock price during a fierce 2023 takeover battle for the K-pop agency. In a final hearing at the Seoul High Court, prosecutors asked the court to sentence Kim, head of Kakao’s Future Initiative Center, to 15 years in prison and impose a 500 million won ($370,000) fine for violating the F…
South Korea prosecutors seek 15-year jail term for Kakao founder ...
Prosecution Demands 15-Year Prison Sentence for Kakao Founder Kim Beom-su in Second Trial for SM Entertainment Stock Manipulation The prosecution demanded a 15-year prison sentence in the appeal trial for Kakao founder Kim Beom-su, who was indicted on charges of manipulating stock prices during the acquisition of SM Entertainment (SM). Founder Kim was acquitted in the first trial. Seoul High Court
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