[Alpha Biz=(Chicago) Reporter Paul Lee] Prosecutors have begun to secure recruits for Kakao Entertainment CEO Kim Sung-soo and Lee Joon-ho, head of the investment strategy division, who are suspected of taking over high-priced drama production companies.

According to legal circles on the 31st, the Seoul Southern District Prosecutors' Office (chief prosecutor Kwon Chan-hyuk) requested an arrest warrant for CEO Kim and Lee on the 29th on charges of violating the Act on the Aggravated Punishment, etc. of Specific Economic Crimes and violating the Act on the Regulation of Criminal Proceeds Concealment, respectively.

The questioning of the suspects before their arrest (investigation to determine a warrant's validity) will be held at 2 p.m. on the 1st of next month at the hearing of Yoo Hwan-woo, a senior judge in charge of warrants at the Seoul Southern District Court.

They are suspected of causing damage to the company by buying drama production company "Baram Pictures," which had been in operating loss in 2020, at about 20 billion won, higher than the market price. In particular, Baram Pictures will reap capital gains from the high-priced acquisition as actor Yoon Jung-hee, the wife of Lee, is a major shareholder.

Prosecutors earlier booked the two in December last year and have been investigating them. On the 24th, they were summoned and investigated as suspects.

 

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