Kim Beom-su, Chairman of Kakao's Management Innovation Committee, who was detained in court on suspicion of market manipulation during the acquisition process of SM Entertainment (SM), has been released. It has been 101 days since Chairman Kim was detained on July 23.
On the 31st, after being released on bail from Seoul Southern Detention Center in Guro-gu, Seoul, Chairman Kim told reporters, "I will continue to cooperate sincerely with the investigation." He did not respond to questions about the timing of his return to management or his stance on the market manipulation charges.
On the same day, the 15th Criminal Division of the Seoul Southern District Court (Presiding Judge Yang Hwan-seung) granted Chairman Kim's bail request. He had been indicted and detained on charges of violating the Capital Markets Act.
Chairman Kim applied for bail on the 10th, requesting to stand trial without detention. At the hearing held on the 16th, he argued that bail should be granted to ensure minimal defense rights and expedite the trial process. His legal counsel requested, "Please consider that the prolonged detention of the defendant risks missing the golden time, which could cause significant damage to Kakao and the entire IT industry, making recovery difficult."
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