Summary
- South Korean prosecutors are seeking an arrest warrant for Kakao founder Brian Kim for alleged stock market manipulation.
- The probe is related to alleged price-rigging during a bidding war over SM Entertainment in 2023.
- Kakao won a controlling stake in SM after a fierce battle with Hybe, the label of BTS.
- Executives at Kakao and Kakao Entertainment are accused of buying shares to disrupt Hybe’s offer.