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(Bloomberg)– South Korean authorities arrested an elderlyKakao Corp exec for declared stock cost manipulation linked to a prominent bidding process battle over K-pop firm SMEntertainment Co previously this year.
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Kakao Chief Investment Officer Bae Jae- hyun was arrested early Thursday, according to the Seoul Southern District Court which released the warrant.
Internet titan Kakao won a regulating risk in SM after an extreme bidding process fight with Hybe Co., the tag behind boyband feeling BTS. Financial regulatory authorities implicated the exec, together with 2 others operating at Kakao and Kakao Entertainment Corp., of getting 240 billion won ($ 178 million) in shares of SM in an effort to interrupt Hybe’s deal. The court has actually not released warrants for others, and it was vague whether there might be extra apprehensions.
Both Kakao and Hybe had actually seen possession of SM as a method to get to …
