South Korean Prosecutors File Arrest Warrant for Kakao Founder Over Alleged Stock Manipulation
Matilda
South Korean Prosecutors File Arrest Warrant for Kakao Founder Over Alleged Stock Manipulation
The business landscape in South Korea has been recently shaken by a high-profile legal case involving one of its most prominent internet companies, Kakao. The South Korean prosecutors have filed an arrest warrant for Brian Kim, the founder of Kakao, amidst allegations of stock market manipulation. This case centers on a significant 2023 bidding war for SM Entertainment, one of the largest music labels in the country. This article delves into the details of the case, its implications, and the broader context within the South Korean corporate and entertainment sectors. The Context: Kakao and SM Entertainment Kakao is a major player in South Korea's tech industry, best known for its messaging app, KakaoTalk. Over the years, it has diversified its operations into various sectors, including entertainment, through its subsidiary, Kakao Entertainment. SM Entertainment, on the other hand, is a giant in the music industry, home to some of the biggest names in K-pop, including groups like EXO…
