Seoul: Prosecutors on Friday sought a 15-year prison term for Kim Beom-su, founder of tech giant Kakao Corp., on charges of stock manipulation related to the company's takeover of K-pop agency SM Entertainment.
According to Yonhap News Agency, prosecutors also demanded a 500 million-won (US$360,000) fine during Kim's final trial at the Seoul Southern District Court. They argued that Kim was deserving of criticism as the end recipient of "criminal proceeds" and that he "continuously voiced opposition" to competing legally for SM's takeover.
Kim, who is currently the chairman of Kakao's Management Innovation Committee, has been indicted on charges of inflating SM share prices above rival Hybe's tender offer price of 120,000 won in 2023. This action was allegedly taken to block Hybe's attempt to take over SM Entertainment.