Kakao Billionaire Arrested in K-Pop Market Manipulation Case
- Kim’s fighting accusations he was involved in stock-rigging
- It’s a remarkable turn of events for the self-made billionaire
This article is for subscribers only.
South Korean authorities have arrested Kakao Corp. founder Brian Kim over allegations of market manipulation, making the internet entrepreneur the most prominent business figure in the country in years to wind up in jail.
The Seoul Southern District Court made the decision to take the 58-year-old into custody, citing “concerns of evidence destruction and flight.” The ruling, which came around midnight after hours of deliberation, is a milestone for a sprawling conglomerate that in the span of a few years rose to the pinnacle of the country’s technology industry, then sagged under the weight of government scrutiny.