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| ▲ Kim Beom-su, founder of tech giant Kakao Corp., speaks to reporters after his release from the Seoul Nambu Detention Center on Oct. 31, 2024. (Yonhap) |
Kakao founder-bail
Kakao founder released on bail 100 days after arrest over suspected stock manipulation
SEOUL, Oct. 31 (Yonhap) -- Kim Beom-su, founder of tech giant Kakao Corp., was released Thursday on court-approved bail, 100 days after being arrested over suspected stock manipulation related to the firm's takeover of a K-pop agency last year.
Since his arrest on July 23 and indictment the following month, Kim, now chairman of Kakao's Management Innovation Committee, has been facing trial in detention, charged with involvement in the suspected stock manipulation of SM Entertainment during the firm's takeover of the K-pop agency in February last year.
The Seoul Southern District Court on Thursday approved a bail request from Kim, setting bail at 300 million won (US$217,233), with conditions including a residence restriction, court appearances at designated dates and a pledge not to destroy evidence, legal sources said.
He must also obtain court approval for overseas travel and is prohibited from contacting witnesses, suspects and others involved in the trial.
"I will sincerely cooperate with the investigation going forward," Kim told reporters upon his release from the Seoul Nambu Detention Center later in the day.
Kim faces charges of inflating SM share prices above rival Hybe's tender offer price of 120,000 won in February last year, in collaboration with a private equity fund, to block Hybe's takeover of SM.
In March last year, Kakao and Kakao Entertainment became the controlling shareholder in SM after acquiring a 39.87 percent stake in the agency.
At a bail hearing earlier this month, Kim once again denied ever approving any illegal acts in the takeover. Kim's defense argued that prolonging his detention could "deal a blow to the entire IT industry of South Korea," while refuting the possibility of destroying evidence.
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