Prosecutors push for arrest of tech billionaire at centre of K-pop bidding battle

South Korean prosecutors are seeking an arrest warrant for the billionaire founder of an internet company in connection with alleged stock price manipulation during a bidding battle for a K-pop agency. The Seoul Southern District Prosecutors’ Office said on Wednesday it asked a judge to issue an arrest warrant for Brian Kim, founder of internet giant Kakao. Financial regulators have accused Kakao executives of buying Won240bn ($178mn) of SM Entertainment shares to undermine a tender offer from rival bidder and K-pop agency Hybe. Kakao’s chief investment officer Bae Jae-hyun was arrested in October last year. Bae has denied any wrongdoing. The move to arrest Kim comes after Korean regulators vowed to crack down on insider trading and stock price manipulation to clean up the country’s stock market and boost shareholder returns. Kakao took over SM in 2023 after an intense bidding war with Hybe. The battle sent SM’s stock price to a record high in March last year, but Hybe withdrew its bid

South Korean prosecutors are seeking an arrest warrant for the billionaire founder of an internet company in connection with alleged stock price manipulation during a bidding battle for a K-pop agency. The Seoul Southern District Prosecutors’ Office said on Wednesday it asked a judge to issue an arrest warrant for Brian Kim, founder of internet giant Kakao. Financial regulators have accused Kakao executives of buying Won240bn ($178mn) of SM Entertainment shares to undermine a tender offer from rival bidder and K-pop agency Hybe. Kakao’s chief investment officer Bae Jae-hyun was arrested in Oct