Attorney: "Unable to Attend Due to Health Issues"
Kim Beom-su, the founder of Kakao who stepped down from frontline management, was absent from the 'SM Entertainment Stock Price Manipulation Suspicion Trial' on the 14th.
Kim did not attend the trial for charges of violating the Capital Markets Act held in the Criminal Division 15 of the Seoul Southern District Court (Presiding Judge Yang Hwan-seung) in the afternoon.
His lawyer stated, "As mentioned previously, due to health issues, it is difficult for him to attend," adding, "We will have to see the situation until the next hearing date."
The court announced that it plans to conduct witness examinations outside of the scheduled dates to ensure that the trial proceedings are not disrupted by Kim's absence. The prosecution was asked to provide their opinion on the future progress of the trial.
Kim is accused of conspiring with private equity fund One Asia Partners and others to manipulate the stock price of SM Entertainment during the acquisition process on February 16-17 and 27-28, 2023, by fixing the stock price above the public tender offer price of 120,000 KRW to obstruct the public tender by competitor HYBE.
Kim, who resigned from his position as co-chairman of the CA Council, the group's highest decision-making body, is reported to have been diagnosed with early-stage bladder cancer and is focusing on treatment.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
