![]() They manipulated the price of SM Entertainment and did not make regulatory reports for the mass holding of the stock, the FSS said. It is alleged that they colluded with a private equity operator and injected some 240 billion won ($177 billion) to artificially inflate SM Entertainment’s stock price above the open market purchase price of HYBE, according to the FSS. ![]() ![]() The allegations are rooted in suspicions that executives at Kakao and Kakao Entertainment may have interfered with an open market purchase of HYBE. Kakao and HYBE, which manages BTS, were involved in a bidding war to take over K-pop powerhouse SM Entertainment in March. Kim was not included in the Thursday's list FSS sent to prosecutors. The Financial Supervisory Service (FSS) made the announcement a week after it summoned Kakao founder Kim Beom-su to question Kakao’s suspected purchase of SM Entertainment shares to inflate its stock price to win the bidding war against HYBE over SM Entertainment, the agency behind aespa. The financial watchdog sent Kakao, its entertainment subsidiary and their three executives to prosecutors over alleged stock price manipulation linked to a takeover bid of an entertainment agency, it said on Thursday. 23 to attend questioning related to suspicions of stock manipulation concerning the acquisition of SM Entertainment shares. Kakao founder Kim Beom-su appears at the Financial Supervisory Service office in Yeouido, western Seoul, on Oct.
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