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 price manipulation at SM Entertainment, has asked the court to "allow him to stand trial without being detained."
During his 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 once approved anything illegal or unlawful or drawn any conclusions from the meetings.
"The prosecution is saying, 'Kakao's side, Kakao's side,' and talking about a lot of things that I didn't do, and that's what's frustrating about it. I understand that this is a frustrating situation," Kim said.
Kim's lawyer also said, "More than a year and six months have passed since the public investigation began, and the trial for the related case has been ongoing for nearly a year, but there is a risk that evidence may be destroyed.
"It is hard to accept that Kakao tried to block Hive's public takeover in order to acquire SM, and at a certain point in time, they bought a large amount of shares," the prosecution said.
"They bought up a large amount of stock and tried to fix and stabilize the SM stock price at above 120,000 won (approximately 13,170 yen), the public tender offer price for Hive," he said.
In addition, the reason for the detention, "there is a risk of evidence destruction and escape," has not changed.
But we need to move forward and get to the substance of the case in an environment with less external pressure and obstructions."