Kim Beom-soo SM stock manipulation appeal begins… Bang Si-hyuk considered as witness
SM Entertainment stock manipulation appeal, Kim Beom-soo’s acquisition intent and the controversy over Kakao’s purchase reignited Check the key issues quickly, including whether Bang Si-hyuk will be accepted as a witness and the prospects for sentencing
The appellate trial has begun in the alleged collusion case involving Kakao founder and Future Initiative Center head Kim Beomsu over market manipulation in SM Entertainment. The Seoul High Court held the first hearing on the 24th and said it would decide at the next hearing whether to accept the four witnesses requested by prosecutors.
The key issues in this appeal are whether Center Head Kim had the intent to manipulate the market during the process of acquiring SM Entertainment, and whether Kakao's stock purchases constituted permissible pricestabilization activities under the Capital Markets Act. Prosecutors argue that the firsttrial acquittal failed to sufficiently review the key evidence, and emphasized that Kim's side had strongly expressed its intention to acquire SM Entertainment.
Prosecutors view HYBE Chairman Bang Sihyuk as a key figure who can confirm Center Head Kim's intentions. After reviewing whether to accept additional witnesses, including whether to summon Chairman Bang as a witness, the court plans to hold three hearings from next month through September and, as early as midOctober, issue its ruling.