Seoul: Kim Beom-su, founder of tech giant Kakao Corp., was released on Thursday on court-approved bail, precisely 100 days following his arrest over allegations of stock manipulation linked to the company’s acquisition of a K-pop agency last year. Kim, who is currently serving as the chairman of Kakao’s Management Innovation Committee, had been detained since July 23 and indicted in the subsequent month, facing trial for his alleged role in manipulating the stock of SM Entertainment during its takeover in February of the previous year.

According to Yonhap News Agency, the Seoul Southern District Court approved Kim’s bail request, setting the amount at 300 million won (US$217,233). The conditions attached to his bail include restrictions on his residence, mandatory appearances at court on predetermined dates, and a commitment not to tamper with any evidence. Additionally, Kim is required to seek court approval for any overseas travel and is barred from interacting with witnesses, suspects, and other individua
ls involved in the trial.

Upon his release from the Seoul Nambu Detention Center, Kim expressed his intention to “sincerely cooperate with the investigation going forward.” The charges against him involve allegedly inflating SM share prices above the 120,000 won tender offer proposed by rival Hybe in February of last year, in collaboration with a private equity fund, to hinder Hybe’s attempt to take over SM.

In March of the previous year, Kakao and its subsidiary, Kakao Entertainment, emerged as the controlling shareholders in SM by acquiring a 39.87 percent stake in the agency. During a bail hearing earlier this month, Kim reiterated his denial of having sanctioned any illegal activities during the takeover process. His defense team argued that extending his detention could potentially “deal a blow to the entire IT industry of South Korea,” while also dismissing the likelihood of any evidence being destroyed.