Billionaire tech mogul Brian Kim released on $218k bail
Brian Kim, founder of Kakao Corp., will be released, reports Bloomberg. The court in Seoul has set bail at $218,000. The entrepreneur was arrested in July due to his alleged involvement in stock manipulation. Kakao is considered part of the critical infrastructure.
9:29 AM EDT, October 31, 2024
The founder of Kakao Corp., Brian Kim, will be released, reports Bloomberg. The court in Seoul set bail at 300 million won (equivalent to $218,000). The prosecution accuses him of stock manipulation in a landmark case for the South Korean internet industry.
Kim is a renowned entrepreneur and innovator, celebrated for his technological ventures. He created one of the most popular social media platforms in Korea, KakaoTalk. This messaging app is installed on over 90% of phones in South Korea.
The 46-year-old billionaire's wealth was estimated at $9.6 billion by "Forbes" in 2022.
Stock manipulation charges
Kim was accused of involvement in an attempt to purchase and manipulate shares of the K-pop studio SM Entertainment Co. in mid-February 2023. SM Entertainment is a giant in the Korean K-pop industry.
The entrepreneur was arrested in July due to his alleged involvement in this venture, making him the highest-ranking technology executive to go to trial since prosecutors filed charges against Jay Y. Lee, the president of Samsung Electronics Co., according to Bloomberg.
Kakao is considered part of the critical infrastructure. The failed deal with SM Entertainment was intended to allow the messaging app to enter the K-pop industry and expand internationally.
