[Alpha Biz=(Chicago) Reporter Paul Lee] Lee Bok-hyun, head of the Financial Supervisory Service, said on the 17th that he is "confident in finding out the truth" about the investigation into Kakao's alleged market manipulation during HYBE's acquisition of SM Entertainment.

Director Lee hinted at a "reorganization of the capital market inspection system" in the second half of the year, judging that there are many market order disruptions, including charges of price manipulation and the use of undisclosed information.

Director Lee met with reporters after "launching a growth solution with small business owners" held at Shinhan Card's headquarters in Jung-gu, Seoul, and expressed confidence in the investigation into Kakao's alleged market manipulation.

"I am careful to talk about the area of investigation and investigation," Lee said. "I am in the process of analyzing or investigating various data by focusing on my capabilities, and the investigation is proceeding faster than I thought. I have some confidence in finding out the truth, so I will tell you when I have a chance in the near future."

In particular, if a violation is found, he will be held strictly accountable, including illegal acquisition profits, and said, "We will take all measures as well as the highest possible sanctions."

Earlier in February, Hive filed a petition with the Financial Supervisory Service, saying certain forces are raising SM stock prices in the process of acquiring SM Entertainment, hindering the HYBE's tender purchase. The Financial Supervisory Service is looking into Kakao's alleged manipulation of market prices, noting that Kakao collected a large number of SM shares at the time.

 

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