South Korean tech tycoon Kim Beom-su, founder of Kakao, has been indicted for allegedly manipulating stock prices in a bid to take over K-pop agency SM Entertainment.

Kim and Kakao executives are accused of inflating SM Entertainment's stock to outbid rival Hybe. Kim, who denies the charges, has been in detention since his arrest over two weeks ago.

His trial date is yet to be set. The case has caused significant disruption in South Korea's tech industry, where Kim is regarded as a visionary. Despite the legal turmoil, Kakao recently reported a significant profit increase.
(colombotimes.lk)