카카오엔터테인먼트 (사진=연합뉴스)

 

[Alpha Biz=(Chicago) Reporter Kim Jisun] Prosecutors reportedly raided Kakao and Kakao Entertainment on the 6th over allegations of market price manipulation raised during a dispute over SM Entertainment's management rights.

Kakao became SM's largest shareholder after it succeeded in making an open purchase after agreeing to cooperate with Hive, which was competing for the stake, but in the process, it was suspected of manipulating the market price.

On the same day, the Financial Supervisory Service's capital market special judicial police and the Seoul Southern District Prosecutors' Office reportedly raided Kakao and Kakao Entertainment headquarters in Pangyo, Seongnam, Gyeonggi Province.

Earlier in February, Hive asked the Financial Supervisory Service to investigate the case, saying there was a situation in which certain forces interfered with the public purchase by raising SM's stock price during the public purchase process. It was speculated that other corporations that bought SM shares on a large scale at the time were Kakao's allies who competed with HIVE for shares.

Regarding the seizure search, an official from Kakao and Kakao Entertainment said, "It is difficult to confirm whether the investigation has been conducted."

 

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