15-year prison term sought for Kakao founder in SM stock case
Prosecutors sought a 15-year prison term for Kakao founder Kim Beom-su, Wednesday, during an appeal over his alleged involvement in inflating SM Entertainment's stock price during a fierce 2023 takeover battle for the K-pop agency. In a final hearing at the Seoul High Court, prosecutors asked the court to sentence Kim, head of Kakao’s Future Initiative Center, to 15 years in prison and impose a…
Prosecutors have petitioned a Seoul High Court to impose a 15-year prison sentence, along with a 500 million won fine, on Kakao founder Kim Beom-su. This request stems from the alleged involvement of Kim in inflating the stock price of SM Entertainment during a heated 2023 takeover battle for the K-pop agency. The final hearing at the Seoul High Court saw prosecutors advocating for a 12-year prison term and a 500 million won fine for Bae Jae-hyun, Kakao's former chief investment officer.
Additionally, fines of 500 million won each were sought for both Kakao and Kakao Entertainment. The charges against Kim and other defendants allege that they maintained SM Entertainment's share price above HYPE's tender-offer price in February 2023, in an attempt to hinder the rival entertainment company's acquisition attempt. Prosecutors argue that the lower court improperly assessed evidence and misapplied the law, urging the appellate court to overturn the decision.
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- 15-year prison term sought for Kakao founder in SM stock case koreatimes.co.kr
