Topics
Latest
AI
Amazon
Image Credits:Brian Kim Kakao founder
Apps
Biotech & Health
Climate
Image Credits:Brian Kim Kakao founder
Cloud Computing
DoC
Crypto
Enterprise
EVs
Fintech
fund-raise
Gadgets
bet on
Government & Policy
computer hardware
Layoffs
Media & Entertainment
Meta
Microsoft
Privacy
Robotics
Security
societal
Space
Startups
TikTok
Transportation
speculation
More from TechCrunch
Events
Startup Battlefield
StrictlyVC
Podcasts
video recording
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
A Seoul judicature go forth an arrest stock warrant for Brian Kim , the founding father of South Korean cyberspace giantKakao , on allegations of blood line price manipulation interrelate to the company ’s coup of K - pop agencySM Entertainmentin 2023 .
The Seoul Southern District Court say on Tuesday that it had come out a warranty for Kim ’s arrest after a listening on Monday due to “ concerns of evidence devastation and flight . ”
He could be remand for up to 20 twenty-four hours as prosecuting officer enquire further before bringing care . This could potentially interrupt Kakao ’s operations and plan around AI , as the founder has been a key physical body in the company ’s strategical decision .
A representative at Kakao told TechCrunch that the firm would do all it could to minimize the management disruption with its Centennial State - chairperson and council .
Kim is facing accusal that he was involved in manipulating SM Entertainment ’s share price during a bid war for that company in 2023 . Kakao was competing with Hybe , the owner of South Korean music agency BigHit , which is behind super acid - pop son band BTS .
Kakao isreportedlyaccused of purchase KRW 240 billion ( ~$174 million ) of SM Entertainment ’s shares over 553 trades in February 2023 . That allegedly drive the company ’s share monetary value above Hybe ’s legal tender whirl price of 120,000 KRW per part , which make Hybe to remove its offer .
Kakao say in a statement last week that the allegations are not true , as Kim had never arrange or stand any illegal action .
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
Kakao ’s chief investiture police officer , Jae - Hyun Bae , wasarrestedlast October following allegations of neckcloth price use after the takeover . He is currently on trial .
Kakao , founded in 2006 , launch South Korea ’s most popular message app , KakaoTalk , in 2010 . It became the country ’s Super App and now offer an array of services , including on - need taxi inspection and repair Kakao Mobility , on-line banking platform KakaoBank , and music cyclosis service Melon . From 2011 to 2022 , Kakao completed 13 learning , with an intermediate acquirement amount of $ 546 million , harmonize to Tracxn .
