Kim Beom-soo, chairman of Kakao's management reform committee, expresses regret over market manipulation allegations: ”There was no illegal approval” (Korea)

Kim Bum Soo, chairman of Kakao's Management Reform Committee, who was arrested and indicted on suspicion of market manipulation at SM Entertainment, has asked the court to "allow him to stand trial without being detained."
At the bail hearing held at the 15th Criminal Division of the Seoul Southern District Court on the 16th, Chairman Kim said, "I have attended hundreds of meetings, but I have never acknowledged anything illegal or unlawful or made any conclusions at the meetings."
"There is no evidence that I have been involved in the investigation," Kim said. "At the prosecution, they keep saying, 'Kakao's side, Kakao's side,' and they're talking about a lot of things that I didn't do, and that's what's frustrating about it.
Kim's lawyer also said, "More than a year and six months have passed since the public investigation began, and the trial for related cases has been ongoing for nearly a year, but there is a risk that evidence may be destroyed."
"The fact that Kakao was trying to block Hive's public takeover in order to acquire SM is difficult to accept," the prosecution said.
"They bought up a large amount of stock in order to fix and stabilize the SM stock price at above 120,000 won (approximately 13,170 yen), the public offering price of Hive," he said.
In addition, there has been no change to the reason for the detention, which was that there was a risk of evidence destruction and flight.
"We need to move forward and get closer to the substance of the case in an environment with less external pressure and obstructions," he added.