Official announcement by Kakao Corp or verified news reports

Kakao Founder Kim Beom-su Indicted for Stock Manipulation in SM Entertainment Deal

Aug 8, 2024, 02:27 AM

South Korean prosecutors have indicted Kim Beom-su, also known as Brian Kim, the founder of Kakao Corp, on charges of stock manipulation. The charges are related to Kakao's takeover of the K-pop agency SM Entertainment. Kim Beom-su was arrested in July, and the indictment was reported by Yonhap. This legal action marks a significant development in the ongoing scrutiny of corporate governance and financial practices within South Korea's technology sector.