South Korean prosecutors have asked an appeals court to sentence Kakao founder Kim Beom su to 15 years in prison over allegations of stock price manipulation connected to the company’s acquisition of SM Entertainment.
The prosecution has also requested a fine of 510 million won. The appeal seeks to overturn a lower court decision that cleared Kim of the charges last year.
Prosecutors allege that Kakao was involved in transactions intended to influence SM Entertainment’s share price in 2023 and prevent rival HYBE from acquiring the entertainment company.
Kim has denied the allegations and previously said that he neither ordered nor accepted any illegal activity. The appeals court is expected to announce its decision at a later date.