[Alpha Biz=(Chicago) Reporter Paul Lee] The Financial Supervisory Service's special judicial police on capital markets will send Kakao officials suspected of manipulating stock prices to the prosecution in the process of acquiring management rights of SM Entertainment.

According to the financial investment industry on the 26th, the Financial Supervisory Service's special judicial police will hand over Bae Jae-hyun, head of Kakao Investment, to the prosecution on the same day. It has been about seven months since the investigation was launched. Bae has been under investigation by the Financial Supervisory Service's special judicial police under arrest after the Seoul Southern District Court issued an arrest warrant on the 19th.

CEO Bae and others are suspected of intentionally raising the stock price by investing about 240 billion won to hinder their rival HYBE's public purchase of SM Entertainment shares when it took over management control of SM Entertainment in February.

It is not known whether the Financial Supervisory Service's special judicial police will also send Kim Beom-soo, head of the center, to the prosecution.

 

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