South Korean technology tycoon, Kim Beom-su, who is also known as Brian Kim, has been indicted on charges of stock price manipulation.
Kakao executives led by Mr Kim have been accused of buying large amounts of shares in K-pop agency SM Entertainment to inflate its stock price and undermine a competing offer to take over the company.
Just hours before Mr Kim’s indictment was announced, Kakao reported operating profits of 134 billion won for the second quarter of the year, an 18.5% increase from the same period last year.
