Kakao founder arrested in stock manipulation caseReuters, SEOULSouth Korean authorities yesterday arrested Kim Beom-su, the billionaire founder of tech giant Kakao Corp, on suspicion of manipulating stocks during the acquisition of a K-pop agency last year. Kim, also known as Brian Kim, is seen as a visionary in South Korea’s digital industry for building the Kakao group from the ground up. Kakao Corp founder Kim Beom-su, center, leaves after a warrant hearing at the Seoul Southern District Court on Monday. In a statement, Kakao called the situation “unfortunate,” adding that Kakao CEO Shina Chung, would lead efforts to minimize the effects of any potential management vacuum. The high-profile tech entrepreneur is the largest shareholder of Kakao, with a 24 percent stake that he and affiliated entities control.

Source: Taipei Times July 24, 2024 03:42 UTC