Billionaire Brian Kim released on bail amid stock probe
Brian Kim to be released reports Bloomberg. The court in Seoul has set bail at approximately €214,000. The entrepreneur was arrested in July due to his alleged involvement in stock manipulation. Kakao is regarded as part of the critical infrastructure.
Bloomberg reports that Brian Kim, the founder of Kakao Corp., is to be released. The court in Seoul set bail at 300 million won (approximately €214,000). The prosecution accuses him of stock manipulation in a landmark case for the South Korean internet industry.
Kim is a renowned entrepreneur and innovator known for his technological ventures. He created one of the most popular social media platforms in Korea, KakaoTalk. This messaging app is currently installed on over 90% of phones in South Korea.
The 46-year-old billionaire's wealth was estimated at €£9.24 billion by "Forbes" in 2022.
Stock manipulation charges
Kim was allegedly involved in an attempt to purchase and manipulate shares of the K-pop studio SM Entertainment Co. (a giant in the Korean K-pop industry) in mid-February 2023.
The entrepreneur was arrested in July due to his alleged involvement in this venture. According to Bloomberg, he is the highest-ranking technology executive to go to trial since prosecutors filed charges against the president of Samsung Electronics Co., Jay Y. Lee.
Kakao is regarded as part of the critical infrastructure. The failed deal with SM Entertainment was intended to allow the messaging app to enter the K-pop industry and expand internationally.
