South Korean Prosecutors Seek 15-Year Sentence for Kakao Founder Kim Beom-su Over Stock Manipulation

South Korean prosecutors have sought a 15-year prison sentence and a fine of 500 million won (approximately $360,000-$370,000) for Kakao founder Kim Beom-su, also known as Brian Kim, on charges of stock price manipulation related to the 2023 acquisition battle for K-pop agency SM Entertainment. Prosecutors allege that Kim, as Kakao's ultimate decision-maker and largest shareholder, approved schemes to artificially inflate SM Entertainment's stock price to block rival company HYBE's tender offer and conceal Kakao's acquisition intentions. The prosecution emphasized that Kim financially benefited the most from these actions, warranting a harsher penalty than his co-defendants, who also face varying prison terms and fines. The court held a final hearing on August 29, and a verdict is expected in the coming weeks. Kim denies any wrongdoing and maintains his innocence. The case underscores the high-profile nature of corporate battles in South Korea's digital and entertainment sectors.