[Alpha Biz=(Chicago) Reporter Kim Jisun] Three people, including Kakao, Kakao Entertainment, and Bae Jae-hyun, head of Kakao's investment division, are suspected of intentionally raising SM Entertainment's stock price by investing 2,400 billion won in February.

It is said that the stock price was higher than Hive's open purchase price, which entered the competition to acquire management rights of SM Entertainment, disrupting the competition.

The prosecution, which extended the detention period for CEO Bae, is expected to hand over CEO Bae to trial soon.

When issuing an arrest warrant for CEO Bae, the court also said, "It seems that objective facts have been identified to a considerable extent with the secured evidence."

The prosecution is expected to focus on proving the charges, including the background of high-priced purchase orders and why he does not report large stock holdings to the financial authorities.

The special envoy of the Financial Supervisory Service, which sent Bae first, is also reportedly considering sending former chairman of the board of directors of Kakao founder Kim Bum-soo and CEO Hong Eun-taek.

 

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