A South Korean court dismissed a stock manipulation case against Kakao Corp. founder Brian Kim, clearing the billionaire of charges that marred his reputation as an internet pioneer.
Prosecutors had sought a 15-year prison term and a 500 million won ($350,000) fine for Kim, accusing him of rigging the stock price of K-pop powerhouse SM Entertainment in a high-stakes acquisition battle with rival Hybe.
In its ruling on Tuesday, the Seoul Southern District Court said prosecutors did not provide sufficient evidence for their allegations, and acquitted Kim of the charges. The panel of three judges said it’s difficult to conclude that Kakao’s purchase of SM shares was aimed at manipulating the market. The verdict was read out after a hearing that lasted a little over half an hour.
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