
Kakao Founder Kim Beom-su Maintains Innocence in SM Stock Manipulation Appeal
The appeals trial began for Kakao (035720) founder and Future Initiative Center head Kim Beom-su, who was acquitted in the first trial on charges of stock price manipulation during the acquisition of SM Entertainment. The Seoul High Court's Criminal Division 4-1 (Presiding Judge Kim In-gyeom) held a pretrial hearing on April 20 for Kim, former Kakao Investment Head Bae Jae-hyun, Kakao Corporation, and Kakao Entertainment, all indicted for violating the Financial Investment Services and Capital Markets Act. As pretrial hearings do not require defendant attendance, Kim did not appear in court. Defense attorneys for Kim and Kakao reiterated that there was no intent to manipulate stock prices. "There were no discussions aimed at blocking the tender offer," the defense stated. "The stock pric









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