 |
Bumsoo Kim, founder of Kakao. (Photo = Yonhap news) |
[Alpha Biz= Reporter Kim Jisun] Chairman Kim Beom-soo, who was detained on July 23 over allegations of stock price manipulation related to SM Entertainment, was released on bail after 101 days at the Seoul Southern Detention Center in Guro District, Seoul. With his release, Kakao is expected to refocus its efforts on business strategy and innovation.
Dressed in a suit and wearing a white mask, Kim bowed to the press, briefly stating, "I will continue to cooperate with the investigation." However, he declined to comment on questions about the court’s reasoning for granting bail, his potential return to management, the motive behind his bail request, and his stance on conditions prohibiting contact with individuals related to the case.
The 15th Criminal Division of the Seoul Southern District Court (Judge Yang Hwan-seung) approved Kim’s bail request, stating, “There is sufficient reason to permit bail for the defendant in accordance with Article 96 of the Criminal Procedure Act.” Conditions for his release include the submission of a written pledge, restrictions on residence, a bond of 300 million KRW, mandatory court appearances upon summons, and court permission for any travel abroad. Bail is a system that allows a detained defendant to be released and stand trial without confinement by providing a financial guarantee.
Kim is accused of interfering in the acquisition of SM Entertainment in February of last year. During the process, he allegedly manipulated SM’s stock price to exceed 120,000 KRW, the price set by rival HYBE in its tender offer, in an attempt to obstruct HYBE’s bid.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
