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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Jisun] During the first trial of Kim Beom-su, chairman of Kakao’s Management Innovation Committee, prosecutors emphasized his direct involvement in stock manipulation related to SM Entertainment's acquisition. On the other hand, Kim’s defense denied the charges, arguing that his actions were part of legitimate management activities and that there was no intent to manipulate the stock price.
The trial, held on the 11th at the Seoul Southern District Court, follows Kim’s indictment on charges of violating the Capital Markets Act. Prosecutors allege that Kim orchestrated stock manipulation in February 2022 to obstruct HYBE’s tender offer for SM Entertainment, aiming to hinder their acquisition process.
The prosecution argued that despite opposition from Kakao’s former CFO, Kim approved the acquisition strategy in a January 2022 meeting. They claim Kim instructed that SM’s stock price should not rise, stressing that Kakao’s involvement should remain hidden.
Prosecutors further allege that Kim ordered his team to devise strategies to block HYBE's tender offer without making Kakao's actions obvious, indicating potential behind-the-scenes manipulation. The defense continues to deny any wrongdoing, maintaining that the acquisition was handled within legal bounds.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
