▲Beomsoo Kim, former Chairman of the Kakao Board of Directors (Head of the Future Initiative Center), is leaving the Financial Supervisory Service after completing the summons and investigation at 1:39 am on the 4th. (Reporter Jeong Hoe-in)
Kim Beom-soo, former chairman of Kakao’s board of directors (head of the Future Initiative Center), completed a 15-hour investigation by the Financial Supervisory Service’s special judicial police.
At 1:40 a.m. on the 24th, former Chairman Kim responded to a question about ‘what information was explained in the investigation’ by saying, “I participated in the investigation faithfully.” “I will reveal my position later when I have the opportunity,” he said.
He did not answer questions such as, ‘Do you have anything to say to shareholders as Kakao’s stock price is plummeting?’, ‘Do you plan to return for responsible management?’ and ‘How will you respond if an order to meet Kakao Bank’s majority shareholder eligibility is issued?’
On this day, former Chairman Kim received a summons notice from the Financial Supervisory Service’s special envoy as a suspect and appeared at the Financial Supervisory Service at 9:55 a.m. the previous day. Afterwards, he was interrogated for about 15 hours and 30 minutes. It is reported that lunch and dinner were prepared in-house using boxed lunches delivered from Kakao.
The Financial Supervisory Service believes that Kakao executives and employees are suspected of investing approximately 240 billion won during the SM acquisition in February for the purpose of interfering with Hive’s tender offer. In particular, there is a possibility that during this process, the company colluded with private equity fund management company One Asia Partners to raise SM’s stock price above Hive’s tender offer price (KRW 120,000 per share).
Meanwhile, it is analyzed that Kakao’s eligibility as a major shareholder of Kakao Bank is likely to be shaken depending on whether executives and employees are punished in relation to the ‘SM market manipulation’ case. It has been revealed that if Kim Beom-soo, former chairman of Kakao’s board of directors, is punished with a fine or higher, there is a possibility that Kakao will have to sell at least 14% and up to 20% of the Kakao Bank shares held by Kakao in accordance with the Banking Act. In addition, if Bae Jae-hyun, Kakao’s head of investment, is punished, it is understood that there is a possibility that Kakao Corporation will have to dispose of excess shares in accordance with the dual punishment regulations.