Market Chatter: Prosecutors Ask for 15-Year Prison Term, KRW510 Million Fine for Kakao Founder Over Stock Manipulation Case
Prosecutors have asked for a 15-year prison term and a 510 million won fine for Kakao (KRX:035720) founder Kim Beom-soo at an appeals trial over the alleged manipulation of SM Entertainment's (KOSDAQ:A041510) stock price, Yonhap News Agency reported Wednesday.Prosecutors are looking to reverse an earlier lower court decision that cleared Kim on charges of the wrongdoing, the report said.The prosecution also sought a 12-year prison sentence and a 510 million won fine for Bae Jae-hyun, Kakao's previous investment general manager who was charged of violating the Capital Market Act, and a 500 million won fine each for Kakao and Kakao Entertainment, which were also indicted, the report said.Kakao did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
