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Photo = Yonhap news |
[Alpha Biz= Kim Sangjin] The court has rejected the prosecution's appeal to cancel the bail granted to Kim Beom-Soo, the Chairman of Kakao's Management Restructuring Committee, who is facing charges of stock manipulation.
According to the legal community on Tuesday, the Seoul High Court's Criminal Division 20 (Presiding Judge Hong Dong-ki, Judges Jo In, Lee Bong-min) dismissed the prosecution's appeal against the decision to grant bail. The division led by Chief Judge Hong Dong-ki is responsible for handling appeals of this nature.
Earlier, on October 31, the Seoul Southern District Court's Criminal Division 15 (Presiding Judge Yang Hwan-seung) approved Kim's bail request, leading to his release after 100 days of detention.
The prosecution had appealed the decision to the high court, arguing that Kim might attempt to influence key witnesses during the trial. However, the high court ultimately upheld the lower court's decision. As a result, Kim will continue to stand trial without detention.
Kim is accused of manipulating the stock price of SM Entertainment during its acquisition process in February last year. He allegedly colluded with companies such as One Asia Partners to fix the share price of SM Entertainment above 120,000 KRW to obstruct a rival's tender offer.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
