Kakao announced on the 8th that it will minimize management gaps following the indictment and detention of its founder, Kim Beom-su, co-chairman of the CA Council and chairman of the Management Innovation Committee.
On the same day, Kakao stated, "We will sincerely clarify the facts during the upcoming trial process," and added, "We will strive to minimize management gaps centered around Jeong Shin-ah, co-chairman of the CA Council."
The Financial Investigation Division 2 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Jang Dae-gyu) indicted and detained Chairman Kim on charges of violating the Capital Markets Act. Chairman Kim is accused of manipulating the stock price by fixing SM Entertainment's stock price above the public tender offer price of 120,000 won in order to obstruct the public tender offer by competitor HYBE during the acquisition process of SM Entertainment on a total of four days: February 16-17 and 27-28 last year.
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