Kakao founder Brian Kim released on bail amid trial
Bloomberg reports that Brian Kim, the founder of Kakao Corp., will be released. The court in Seoul set bail at 300 million won, approximately CAD 300,000. Kim was arrested in July due to his alleged involvement in stock manipulation. Kakao is considered part of the critical infrastructure.
Bloomberg reports that Brian Kim, the founder of Kakao Corp., will be released. The court in Seoul set bail at 300 million won, approximately CAD 300,000. The prosecution accuses him of stock manipulation in a landmark case for the South Korean internet industry.
Kim is a renowned entrepreneur and innovator, known for his technological ventures. He created one of the most popular social media platforms in Korea, KakaoTalk. This messaging app is currently installed on over 90% of phones in South Korea.
The 46-year-old billionaire's wealth was estimated at CAD 13.4 billion by "Forbes" in 2022.
Stock manipulation charges
Kim was alleged to be involved in an attempt to purchase and manipulate shares of the Kpop studio SM Entertainment Co., a giant in the Korean K-pop industry, in mid-February 2023.
The entrepreneur was arrested in July due to his alleged involvement in this venture, making him the highest-ranking technology executive to go to trial since prosecutors filed charges against the president of Samsung Electronics Co., Jay Y. Lee, notes Bloomberg.
Kakao is considered part of the critical infrastructure. The failed deal with SM Entertainment was supposed to allow the messaging app to enter the K-pop industry and expand internationally.
