'SM Price Manipulation' Kakao's Bae Jae-hyun, Head of Investment, Requests Bail
During the management rights dispute at SM Entertainment, Bae Jae-hyun, Kakao's Head of Investment, who was arrested and indicted last year on charges of market manipulation, has requested the court to allow him to stand trial without detention.
![Bae Jae-hyun, Head of Kakao Investment [Photo by Yonhap News]](http://www.asiae.co.kr/news/img_view.htm?img=2023102709044431000_1698365084.jpg)
According to the legal community on the 20th, Bae submitted a bail application to the Seoul Southern District Court, which is handling his case involving violations of the Capital Markets Act, the day before.
Bae was arrested and indicted on November 13 last year on charges of violating the Capital Markets Act. Under the Criminal Procedure Act, the maximum detention period for a defendant indicted while in custody during the first trial is six months.
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Bae is accused of manipulating the market with the intent to set and fix the SM Entertainment stock price higher than the public tender offer price of 120,000 won by the competitor HYBE, in order to obstruct HYBE's public tender offer during the acquisition process of SM Entertainment in February last year.
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