(T/N: context:
Last year’s intense battle between K-pop giant HYBE and South Korean telecom company Kakao Corp. over control of SM Entertainment has resulted in unexpected consequences. The Seoul Southern District Prosecutors Office recently requested an arrest warrant for Kim Bumsoo, the billionaire founder of Kakao Corp., accusing him of illegally manipulating SM Entertainment’s stock price to exclude HYBE from the bidding process. This alleged manipulation involved funneling KRW 240 billion (USD $174 million) into SM through numerous stock purchases in early 2023.
Prosecutors claim that Kim, along with other Kakao executives and private equity firm OneAsia Partners, inflated SM's stock price to hinder HYBE's acquisition attempts. As a result, HYBE withdrew from the bidding, allowing Kakao to take control with a 39.9% stake. Despite facing legal challenges, Kakao's attorneys have denied any wrongdoing, asserting that their stock purchases were legitimate market activities aimed at expanding their portfolio.
The legal repercussions include the arrest of Kakao's Chief Investment Officer, Bae Jae-hyun, and an ongoing trial for both Bae and the CEO of OneAsia Partners. Despite these accusations, South Korean trade regulators have approved Kakao’s takeover of SM, imposing conditions to prevent market abuse, such as requiring Kakao's Melon streaming service to distribute music from competing labels and distributors.)
Kakao founder Kim Bumsoo, who is accused of "manipulating the price of SM Entertainment (SM)," was detained at around 1 a.m. on the 23rd. The court, which conducted a substantive review of Kim's arrest warrant, issued the warrant, saying that there is a risk of evidence destruction and escape.
original post: here
1. Just what is gonna happen to SM now...
2. Crazy, my stocks...
3. Just how low are my stocks gonna fallđ
4. If there are charges, it's because there's evidence against the chairman, and employees have already been indicted, so this isn’t new information. Everything will be revealed eventually, so let’s dig deep and uncover it all.
5. KakaoBank won’t collapse, no worries.
6. Damn, I use KakaoBank because it’s convenient.
7. Honestly, I wish KakaoBank would get sold. They shouldn't make it so easy to start a bank.
8. ă
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9. Are we sure that KakaoBank is gonna collapse? Can Kakao Entertainment go public?!
10. This is crazy
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