South Korean authorities have issued an arrest warrant for Kakao Corp. founder Brian Kim, making him one of the most notable business figures to face potential imprisonment in recent years. The allegations focus on violations of capital market laws, particularly in relation to a stock-rigging scheme associated with the high-profile takeover of SM Entertainment Co. in 2023. According to the charges, Kim is believed to have engaged in illicit activities during the competitive bid in which Kakao ultimately gained a controlling stake in SM Entertainment, outmaneuvering rival Hybe Co.
For further details, see the comprehensive article by Bloomberg here.