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South Korean authorities arrested Kakao Corp.’s chief investment officer for alleged stock price manipulation in a high-profile takeover battle over K-pop agency SM Entertainment Co., Yonhap News reported.
Chief Investment Officer Bae Jae-hyun was arrested early Thursday after a warrant was issued by the Seoul Southern District Court, according to the news agency. He and two other employees are accused by the financial regulator of buying 240 billion won ($178 million) in shares of SM in an attempt to disrupt a rival tender offer by Hybe Co.. The court didn’t issue an arrest warrant for the other two people, who work at Kakao and Kakao Entertainment Corp.
