Kakao Denies Rumors of Selling SM Entertainment Shares
Kakao announced on the 29th that "the sale rumors are not true" in relation to reports about the sale of its shares in SM Entertainment.
Earlier, a media outlet reported that Kakao was conducting behind-the-scenes negotiations with NCSoft to sell its shares in SM Entertainment.
Rumors about Kakao selling SM Entertainment have been intensifying since the end of last year. This is because the entire group fell into crisis after Bae Jae-hyun, the head of investment, was detained amid allegations of market manipulation that arose during Kakao's acquisition process of SM Entertainment.
In addition, Kakao is currently conducting audits on SM Entertainment's financial statements and executives at the request of the board's audit committee.
Kakao has also requested the submission of materials regarding the appropriateness of investments made by SM Entertainment after its incorporation into Kakao, without prior consultation with the headquarters, through an external law firm.
Hot Picks Today
"Could I Also Receive 370 Billion Won?"... No Limit on 'Stock Manipulation Whistleblower Rewards' Starting the 26th
- Samsung Electronics Labor-Management Reach Agreement, General Strike Postponed... "Deficit-Business Unit Allocation Deferred for One Year"
- "From a 70 Million Won Loss to a 350 Million Won Profit with Samsung and SK hynix"... 'Stock Jackpot' Grandfather Gains Attention
- "Stocks Are Not Taxed, but Annual Crypto Gains Over 2.5 Million Won to Be Taxed Next Year... Investors Push Back"
- "Who Is Visiting Japan These Days?" The Once-Crowded Tourist Spots Empty Out... What's Happening?
However, Kakao continues to deny the rumors of selling SM Entertainment. Regarding the rumors of dismissal of SM Entertainment's management, Kakao has drawn a line, stating that audit results have not yet been released.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
