Trending News: Elon Musk frozen out of Pentagon’s planning for war with China over fears about his financial ties to BeijingBombshell update after teenager allegedly forced his way onto a Jetstar flight armed with a shotgunTrump revokes legal status of more than 500,000 migrants… but faces fury over uncertainty for Ukrainian refugeesHorror as two shoppers are stabbed at a bus stop outside a packed Westfield centre in Sydney’s eastSadistic serial rapist Graham Harrison makes extraordinary jail demandTreasury Secretary makes astonishing confession about GDP numbers that ruled Biden’s presidencyUnited pilot ‘attacked and dragged passenger out of plane bathroom with his pants down for taking too long on toilet’No austerity in No11! 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Trending News: Elon Musk frozen out of Pentagon’s planning for war with China over fears about his financial ties to BeijingBombshell update after teenager allegedly forced his way onto a Jetstar flight armed with a shotgunTrump revokes legal status of more than 500,000 migrants… but faces fury over uncertainty for Ukrainian refugeesHorror as two shoppers are stabbed at a bus stop outside a packed Westfield centre in Sydney’s eastSadistic serial rapist Graham Harrison makes extraordinary jail demandTreasury Secretary makes astonishing confession about GDP numbers that ruled Biden’s presidencyUnited pilot ‘attacked and dragged passenger out of plane bathroom with his pants down for taking too long on toilet’No austerity in No11! Rachel Reeves admits getting free £600 tickets to Sabrina Carpenter gig but blames ‘security’ issuesInside Britain’s WEIRDEST neighbour row: How a man went to war with woman next door after she erected wooden boards in front of his windows to block sea views for bizarre reasonGrandmother, 81, left for 14 HOURS in agony waiting for an ambulance after bathroom fallNorth Lakes: Bombshell charges for teenage girl, 17, after man was shot in the chest in a carparkTrump’s top team rips into America’s European allies -loaders’: Astonishing text messages are leaked in security shambles that saw journalist added to war plans groupGlamping park is dubbed a ‘field of nightmares’ by neighbours who say they were told ‘party venue’ would be an eco-friendly food-tourism venuePete Hegseth’s blistering response to journalist wrongly added to high-level government group text on war plansBusinesswoman, 27, is caught drunk after stopping her 160mph Porsche for ‘comfort break’ in CheshireWatch cop’s jaw-dropping dig to ‘pedophile’ Catholic Church director arrested during MASSFamily of boy, 15, brain damaged by tombstoning off pier hit out at carers who ‘have left him to rot in bed’White House PULLS nomination for top Cabinet pick Elise StefanikSignal ‘war plan’ leak shows that Trump’s team is willing to ‘play fast and loose’ with the lives of American soldiers, former Obama diplomat Brett Bruen tells new Mail podcast‘Communist’ arrested for bombing of Vegas Tesla dealership that saw five EVs blown upRachel Reeves’ NEW black hole: Chancellor’s plans are ALREADY in tatters ahead of Spring Statement today as watchdog ‘says her benefits cuts won’t save £5bn’Since Bridget Phillipson slapped private schools with VAT eight have closed and as many as 200 more are at riskOutrage over plans for travellers’ pitch  near Henley-on-Thames as part of Angela Rayner’s green belt land grabDisturbing question ex-MP Rory Amon allegedly asked a 13-year-old boy in a public bathroom before he’s accused of sexually assaulting himBritish father who saw family massacred by Hamas stands to receive £10.5 MILLION from Palestine Authority in landmark rulingCongressional Republicans target PBS, NPR funding in contentious hearingFrito-Lay recalls Tostitos chips because they may contain undeclared milkHyundai shows off its new $7.6B electric vehicle plant in Georgia as Trump talks tariffsNTSB chairwoman says reviewing the data after midair crash may prevent the next aviation accidentCon Edison will pay $750,000 to settle suit alleging harassment of female field workersLabour blasted over ‘toothless’ grooming probes: Ministers finally announce ‘local reviews’ into child abuse scandalDOGE’S brutal response to former Obama and Clinton aides attempting to join Elon Musk’s cost cutting machineTrump reveals the real reason the FBI is abolishing its DEI office just days before he takes officeTwo people crushed in Hyde Park, Sydney after tree fallsQuick-thinking fire chief uses milk and beer to save his brother and neighbor’s homes from LA infernoAustralian dad ‘doused with petrol’ and burned alive outside his own home in horrific alleged crime that has shocked policeMajor update on Sam Murphy’s alleged killer as he appears in court and unveils a dramatic changeQuiksilver co-founder and ‘pioneer’ of surfwear dies of cancer as Kelly Slater leads the celebrity tributesMadly-in-love black cop, 63, takes selfie with white wife, 34, on honeymoon flight… what happens next will leave you outragedTeenage boy who drowned at popular swimming spot is identifiedCorporate capital Delaware is changing its law in fight pitting corporate insiders vs. investorsTrump’s crypto empire set to expand with new stablecoin and investment fund offeringsKroger blames Albertsons for merger’s demise in new court filingsTesla sales fall by 49% in Europe even as the electric vehicle market growsAfter Lahaina fire, Hawaii residents address their risk by becoming ‘Firewise’Global shares are mostly higher after tech-fueled gains on Wall StreetAnother massive deal in the building supply sector, James Hardie offers AZEK $8.75 billionWho is jailed Turkish opposition leader Ekrem Imamoglu?Venezuela accepts US deportation flight with 199 peopleAl Jazeera journalist Hossam Shabat killed in Israeli attack in GazaWhat poisoned Fallujah can tell us about toxic risks in Gaza and LebanonFrench actor Depardieu goes on trial in Paris on sexual assault charges23andMe files for Chapter 11 bankruptcy as co-founder and CEO Wojcicki resignsQuaint US exclave is grappling with Trump’s trade war with CanadaPolice officers are told not to say ‘blacklisted’ or ‘black sheep’ over fears of racismFailed Albanian asylum seeker wins the right to stay in the UKFour million households face council tax rises up to five times the legal limit from AprilChurch of England faces hypocrisy accusations for concreting over countryside to build thousands of homes on its landKeir Starmer is in ‘complete agreement’ with Rachel Reeves over Heathrow Airport expansionMonsanto parent ordered to pay nearly $2.1 billion in Roundup weedkiller lawsuitAussie politician’s BBQ explodes in his face leaving him virtually unrecognisableTrump says ‘water flowing, big time’ in Northern California after pumps go back onlineICE descends on San Diego border crossing for ‘biggest illegal immigrant grab in recent history’Surprising entry-level job paying $80-an-hourP.E Nation co-founder’s ex-husband makes shock admission in court as he seeks to have charges dismissed on mental health groundsFurious diner is left speechless after asking locals what they think of ICE raiding his favorite Mexican restaurantThunderstorm strikes Sydney ahead of home commute as thousands are warned large hail and damaging winds are on the wayHorror as man is stabbed to death in broad daylightGunman leaves three dead and injures two police officers after opening fire inside Indiana supermarketMan pardoned by Trump for role in Jan 6 riot shot and killed by police during traffic stopAthletics: World Indoor ChampionshipsUS lifts $10m reward for major Taliban leader HaqqaniThousands of Israelis protest Shin Bet chief’s dismissal, for captivesDetained Istanbul Mayor Imamoglu denies ‘terrorism’ charges: ReportIs the conflict in Sudan entering a decisive phase?Pope Francis to leave hospital on Sunday, needs two months rest: DoctorsTicketing platform StubHub plans to become a public company with initial stock offeringMore states requiring paid medical or sick leaveNAB issues good news for every Aussie with a mortgageAmerican Airlines plane crashes in Washington DC after midair collision with Black Hawk helicopterBuried in a gold casket, The Punisher is farewelled by a rogue’s gallery of bikies, shady underworld figures and gangsters’ molls as hundreds mourn at executed Sam Abdulrahim’s funeralDC plane crash live: Passengers ‘pulled from Potomac River’ after American Airlines flight ‘carrying 64’ collides with Black Hawk helicopterNSW Police find explosives in caravan in Dural, Sydney: Live updates after attacks on synagogues and Jewish communityTwitter bird sign sells for nearly $35,000 at auctionTurkey’s opposition urges peaceful protests over Istanbul mayor’s arrest despite bansUS blocking Canadian access to historical library on Quebec-Vermont borderAlabama lawmakers advance regulations on pharmacy benefit managersFrench actor Gerard Depardieu to face trial on sexual assault chargesSoldiers celebrate as Sudan’s army recaptures presidential palaceIsraeli military blows up Gaza’s Turkish hospital and medical schoolCan Ukraine and Russia realistically reach peace?Johnson & Johnson plans $55 billion in US investments over the next four yearsGerman parliament gives final approval to huge defense and borrowing packageOne of Keir Starmer’s new trade envoys quits social mediaJailed dissident says he may give up his British citizenship in despair after languishing in Egyptian prison for five years and losing faith in governmentBlake Lively and Ryan Reynolds to ask federal court to drop Justin Baldoni’s $400M suit amid legal battlesAnthony Albanese gets testy when quizzed about what he knew about caravan packed with explosivesANSWERS TO CORRESPONDENTS: Why are dams made curved instead of straight across?Stock market today: Asian shares are mixed after Wall St edges lower on US policy uncertaintyTaiwan’s president says the defense budget will exceed 3% of GDP in military overhaul
Wed. Apr 2nd, 2025 2:40:38 AM

Founder of South Korea’s Kakao arrested over alleged stock price rigging

Founder of South Korea’s Kakao arrested over alleged stock price rigging

Kim Beom-su is accused of conspiring to inflate SM Entertainment’s stock price to prevent takeover by rival agency.

The founder of South Korea’s Kakao Corp has been arrested on suspicion of rigging the tech giant’s stock price during its acquisition of K-pop juggernaut SM Entertainment.

Seoul Southern District Court issued the arrest warrant for Kim Beom-su on Tuesday, citing the possibility he could try to flee or destroy evidence.

South Korean prosecutors have accused Kim, also known as Brian Kim, of colluding with a private equity fund to buy some 240 billion won ($173m) worth of shares to inflate SM Entertainment’s stock price and prevent its takeover by rival entertainment agency Hybe Corp.

Hybe withdrew an offer to buy a 14.8 percent stake in SM Entertainment after the company’s stock price soared, allowing Kakao and its subsidiary to secure a nearly 40 percent stake in the K-pop agency.

South Korean prosecutors last year indicted Kakao’s Chief Investment Officer Bae Jae-hyun in relation to the alleged stock manipulation scheme.

Kim, who can be detained for up to 20 days before prosecutors must decide whether to indict him, has denied any wrongdoing and has not been formally charged.

Widely viewed as one of South Korea’s most visionary tech founders, Kim, 58, launched the country’s most popular messaging app, KakaoTalk, in 2010.

Since then, Kakao has evolved into a sprawling corporate empire valued at more than $12bn, with a business portfolio spanning taxi-hailing services, online banking, online shopping, entertainment management and merchandise stores.

Shares of Kakao, which is planning to introduce new artificial intelligence services this year, dropped more than 5 percent following the news of Kim’s arrest.

Source

:

Al Jazeera and news agencies

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