[Featured Stock] Kakao Falls Over 2% Following Arrest of Investment Chief Over 'SM Price Manipulation Allegations'
On the 19th, Kakao's stock price started off weak.
As of 9:31 a.m. that day, Kakao's stock was trading at 40,950 won, down 2.03% from the previous trading day.
Subsidiaries' stocks such as Kakao Games (-3.09%), Kakao Pay (-1.63%), and SM (-1.74%) were also weak in the early trading session.
In the course of the management rights dispute at SM Entertainment, Bae Jae-hyun, Kakao's Chief Investment Officer, who had been accused of market manipulation, was arrested the day before. Kim Ji-sook, the presiding judge of the Seoul Southern District Court's warrant division, issued the arrest warrant citing "concerns of evidence destruction and flight."
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According to the Financial Supervisory Service's Capital Market Special Judicial Police, CEO Bae is accused of investing about 240 billion won to interfere with HYBE's public tender offer, a competitor in the SM Entertainment management rights acquisition battle last February, by driving up SM Entertainment's stock price above HYBE's tender offer price.
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