The arrest of South Korea’s leading tech entrepreneur has plunged one of the country’s most high-profile companies into turmoil, in a case that is also likely to have ramifications for the banking sector and artificial intelligence ambitions.
Kim Beom-su, founder of tech group Kakao and once South Korea’s richest person, was arrested last month on stock manipulation charges relating to a takeover battle for one of the country’s top K-pop labels.
Kakao took over K-pop powerhouse SM Entertainment last year following a dramatic bidding contest with Hybe, the agency behind K-pop group BTS. But prosecutors accuse Kim and other Kakao executives of buying Won240bn ($174mn) of SM shares to undermine Hybe’s tender offer.
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