(Photo = SM entertainment)

 

 

[Alpha Biz= Reporter Paul Lee] A, CEO of Oneasia Partners, a private equity fund operator suspected of participating in Kakao's "SM market price manipulation," was arrested on the 15th.

The Financial Investigation Department 2 at the Seoul Southern District Prosecutors' Office said it has indicted A on charges of violating the Capital Market Act and violating the Specific Economic Crime Act (embezzlement). In accordance with the joint punishment regulation that punishes both criminal actors and companies, the One Asia Apartment Companies corporation was also put on trial.

According to the prosecution, A is suspected of manipulating the market price by mobilizing 110 billion won in fund funds from Feb. 16-17 and 27 last year to buy SM Entertainment shares at high prices a total of 363 times. At that time, both Kakao and Hive competed over SM Entertainment, and One Asia Apartments conspired with Kakao to manipulate the market price higher than 120,000 won.

In addition, A is suspected of personally misappropriating his personal debt by siphoning off 10.4 billion won in fund funds in October 2019.

Earlier in January, the Financial Supervisory Service's Capital Market Special Judicial Police sent A and other officials from One Asia Apartments to the prosecution on related charges.

 

 

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