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Kakao Founder Acquitted of Stock Manipulation Charges

The Seoul Southern District Court cleared Kim Beom-su, founder of Kakao Corp, of stock manipulation charges, ruling prosecutors lacked sufficient evidence.
Prosecutors alleged the trades involved 240 billion won during the 2023 SM battle, seeking 15 years in prison and fines for Kim Beom-su over the alleged manipulation.
A panel of three judges said it was difficult to conclude Kakao’s SM share purchases aimed to manipulate markets, citing timing and methods and questioning a former Kakao Entertainment executive's credibility.
Kakao shares jumped after the ruling, closing at 62,300 won on Tuesday, while Kakao Bank and Kakao Games also rose; the acquittal lets Kakao Corp refocus on AI-driven growth and stabilise leadership.
Earlier this year Kim Beom-su stepped down from the CA Council citing health reasons, and though he leads the Future Initiative Center, he is unlikely to resume active management in the near future.

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