South Korean billionaire arrested for alleged stock price manipulation

The founder of South Korean tech company Kakao was arrested on Tuesday on suspicion of stock price manipulation.

State media reported that a district court in Seoul issued an arrest warrant for Kim Beom Su.

The decision was justified by the risk that the 58-year-old businessman could flee or destroy possible evidence.

Kim and his company’s management are suspected of artificially inflating the stock price of Korean music label SM Entertainment during a bidding war to prevent a takeover by a competitor in February last year.

Kim’s company, Kakao, became a major shareholder in SM Entertainment in March 2023.

Kim’s arrest was initially limited to 20 days, during which the prosecutor’s office was expected to conduct further investigations and file formal charges.

South Korean Billionaire Arrested for Alleged Stock Price Manipulation Post first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.