Kakao founder appears before the Financial Supervisory Service over suspicions of stock price manipulation = South Korea

On the 23rd, South Korea's Financial Supervisory Service summoned Kim Bum Soo, the founder and former chairman of the board of directors of internet giant Kakao, and director of the Kakao Future Initiative Center, on suspicion of stock price manipulation, and suspended approximately 16
investigated over time. Kim left the Financial Supervisory Service in the early hours of the 24th, but barely answered questions from reporters. At around 1:40 a.m. on the 24th, Mr.
The case was released after the investigation by the law police (special police force) was completed. It has been about 15 hours and 40 minutes since he appeared at the Financial Supervisory Service at 10 a.m. the previous day. Mr. Kim briefly said, ``I conducted the investigation in good faith,'' and left the hospital. "
When asked, ``Please give a message to shareholders,'' he simply answered, ``I'm leaving.'' It is unusual for the Financial Supervisory Service's special police to publicly summon the top executives of large companies.
The special police summoned Mr. Kim and asked whether there was stock price manipulation during the acquisition process of SM Entertainment, and Bae JaeHee, who was recently arrested on suspicion of stock price manipulation.
The investigation is said to have investigated whether they received related reports from management, including Kakao Investment CEO Jeong Jae-hyun, and whether they gave them direct instructions. Mr. Kim was asked, ``Did you ever instruct CEO Bae to manipulate stock prices?''
He did not answer any questions from the members of the committee, but simply said, ``I will approach the investigation with sincerity.'' Meanwhile, on the 13th, the Seoul Southern District Public Prosecutors Office arrested three people, including CEO Bae, on suspicion of violating the Capital Market Act.
applied for a warrant of arrest. On the 19th, the Seoul Southern District Court issued a warrant for the arrest of CEO Bae. In the takeover battle for SM Entertainment, CEO Bai and his colleagues are trying to block the tender offer of HYBE, a competitor.
There are suspicions that he used 40 billion won to raise SM Entertainment's stock price and failed to report his large shareholdings.
Last month, the special police announced that Hong Eun-taek, the CEO of Kakao, and Kim Sung Su,
Su) Kakao Entertainment CEO, Kakao Investment CEO Bae, and others were summoned and investigated, and the Kakao headquarters was seized in April, and the office of Kim, the center's director, was seized in August.