[Alpha Biz=(Chicago) Reporter Kim Jisun] Kim Bum-soo, head of Kakao's Future Initiative Center, will eventually face prosecution investigation on charges of being involved in adjusting stock prices during the acquisition of SM Entertainment.

The special judicial police of the Financial Supervisory Service said on the 15th that they have handed over six people, including center director Kim, Kakao CEO Hong Eun-taek, Kakao Entertainment representatives Lee Jin-soo and Kim Sung-soo, and lawyer Yulchon, who provided legal advice, to the Seoul Southern District Prosecutors' Office.

They are suspected of adjusting the market price by raising SM's stock price above Hive's public offering price with the aim of obstructing the public purchase of their rival Hive in the process of acquiring SM Entertainment. The FSS earlier sent Bae Jae-hyun, head of Kakao investment, and the Kakao corporation to the prosecution with the opinion of indictment, while the prosecution has handed over Bae and the Kakao corporation to trial.

 

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