Kim Bum-soo, chairman of Kakao's Management Reform Committee, who is accused of manipulating the market price of SM Entertainment, attended his first trial after being arrested and released on bail.
Chairman of the states Affairs Commission Kim attended the trial held at the Seoul Southern District Court this morning (15th) and responded briefly to reporters' questions, saying, "I will faithfully participate in the trial."
Chairman of the states Affairs Commission Kim's trial today did not go well as former Kakao Chief Financial Officer Kim Ki-hong, who was summoned as a witness, did not attend due to personal reasons.
Chairman Kim was put on trial in July on charges of artificially supporting SM Entertainment's stock price with the aim of preventing its rival Hive from making a tender offer during the acquisition of SM Entertainment.
Since then, the court has cited and released Chairman Kim's bail on the 31st of last month on the condition of housing restrictions and payment of 300 million won in deposits.
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