[Alpha Biz=(Chicago) Reporter Paul Lee] It has been confirmed that the Financial Supervisory Service's special judicial police on capital markets notified Kim Beom-soo, former chairman of Kakao's board of directors, who is suspected of manipulating SM Entertainment's market price.

According to financial authorities on the 19th, the Financial Supervisory Service's special judicial police notified former chairman Kim to attend by the 23rd.

This is to confirm suspicions related to market price manipulation during the management dispute between Kakao and Hive over the acquisition of SM. The Financial Supervisory Service is reportedly suspecting that former chairman Kim may have been briefed or ordered on the price manipulation.

Bae Jae-hyun, head of Kakao's investment division, was arrested the previous day over the alleged price manipulation of SM.

According to the Special Judicial Police Officer System of the Financial Supervisory Service, they are suspected of manipulating SM's stock price above the public offering price of Hive by injecting some KRW 240 billion in February with the aim of obstructing the public purchase of Hive, a rival before the acquisition of SM's management rights.

Prosecutors and special judicial police raided Kakao and Kakao Entertainment's offices in April and Kim's offices in August, respectively, over allegations of price manipulation.

 

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