Kakao founder expresses gratitude to court after first trial acquittal, hoping to clear stigma of stock price manipulation - South Korea

Kim Bum Soo, the founder of Kakao, was indicted on suspicion of stock price manipulation in relation to the acquisition of South Korea's major entertainment agency SM Entertainment, but was found not guilty in the first trial.
"I hope this will be an opportunity to help Kakao break away from the stigma of stock price manipulation and market manipulation that has cast a shadow over the company," said the chairman.
Chairman Kim was found not guilty in the first trial held at the Southern District Court in Yangcheon-gu, Seoul on the morning of the 21st.
Kakao immediately issued a statement saying, "We are grateful for the court's wise decision," and "None of Kakao's executives, including founder Kim, were involved in the SM acquisition process."
We would like to reiterate that there was no discussion or planning of any illegal activities." Kakao continued, "The Kakao Group faced many difficulties during the investigation and trial that lasted for two years and eight months.
"It is particularly regrettable that it was difficult for us to respond quickly to the rapid changes in the market," he said, expressing his determination to "make up for this and work even harder to fulfill the social mission that has been given to us."
Meanwhile, on the same day, the court acquitted founder Kim, who had been arrested and indicted on charges of violating the Capital Markets Act. The court ruled that Kakao's trading of SM shares did not constitute market manipulation.
did.