▲ Bae Jae-hyun, the chief investment officer of social media giant Kakao Corp., heads to the Seoul Southern District Court in this file photo taken Oct. 18, 2023, for a hearing. (Yonhap)

financial regulator-Kakao

Regulator sends Kakao, entertainment unit to prosecutors over allegation of stock manipulation

SEOUL, Oct. 26 (Yonhap) -- The financial regulator said Thursday it has sent Kakao Corp., its entertainment subsidiary and three senior executives to prosecutors over alleged stock price manipulation in connection with a takeover bid.

Kim Beom-su, founder of the social media giant Kakao, was not included in the list, according to the Financial Supervisory Service.

Kakao and its executives have been accused of allegedly manipulating stock prices in a bid to acquire a major share in another K-pop powerhouse, SM Entertainment.

Kakao's chief investment officer, Bae Jae-hyun, was arrested earlier this month on suspicion of stock manipulation. Bae has denied wrongdoing.

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