'SM market price manipulation' Kakao Kim Bum-soo was cited on bail and released.

The court has granted bail to Kim Bum-soo, chairman of Kakao's Management Reform Committee, who is being arrested and tried on charges of manipulating the market price of SM Entertainment.

The Seoul Southern District Court cited Chairman Kim's request for bail today (31st).

The court made conditions such as submitting a pledge not to destroy evidence, restricting housing, and making a deposit of 300 million won.

It also banned acts such as direct or indirect contact with people involved in the case, such as suspects and reference persons stated during the investigation.

Chairman Kim, who left the detention center at around 4:20 p.m., said he would continue to investigate faithfully, but did not answer any questions from reporters asking why he requested bail.

In February last year, Chairman Kim was arrested and charged with manipulating the stock market price higher than the open purchase price of rival Hive of 120,000 won in the process of acquiring SM Entertainment.