South Korean prosecutors have arrested the founder of technology giant Kakao Corp. for alleged stock price rigging during the company's takeover of a major K-pop agency last year. The arrest came after the Seoul Southern District Court approved an arrest warrant, citing concerns of potential flight or evidence tampering.
The founder, aged 58, faces accusations of orchestrating schemes to manipulate the stock price of K-pop agency SM Entertainment to prevent a rival company from acquiring it. Kakao Corp., known for its popular mobile chat app Kakao Talk, has diversified into banking and online shopping in recent years.
