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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Minyoung] Kim Beom-soo, Chairman of Kakao's Management Reform Committee, who is under investigation for alleged stock manipulation related to SM Entertainment, has had his detention period extended.
On the 30th, the Seoul Southern District Court approved the prosecution's request to extend Kim's detention period. Under criminal procedure law, a pre-indictment detention period is up to 10 days but can be extended once, making the maximum detention period 20 days. Consequently, Kim's detention is set to expire at midnight on August 11.
Kim, who was detained early on the 23rd, underwent his first interrogation on the 24th, which lasted 8 hours from 10 a.m.
Kim is accused of manipulating the stock price of SM Entertainment during the acquisition process in February last year to obstruct competitor HYBE's public purchase offer. The allegations include setting and fixing the stock price above HYBE's offer price (120,000 won) and collaborating with the private equity firm One Asia Partners, reportedly investing over 240 billion won.
A Seoul Southern District Prosecutor's Office official stated on the 25th, "Since detention requires court approval, it's difficult to comment on whether it will be extended. The detention period will likely coincide with the indictment timing."
AlphaBIZ Kim Minyoung(kimmy@alphabiz.co.kr)
