Korea tech tycoon charged in K-pop share rigging case

South Korean technology tycoon, Kim Beom-su, who is also known as Brian Kim, has been indicted on charges of stock price manipulation.\r\nKakao executives led by Mr Kim have been accused of buying large amounts of shares in K-pop agency SM Entertainment to inflate its stock price and undermine a competing offer to take over the company.\r\nMr Kim, who founded the internet giant Kakao, has been in detention since being arrested just over two weeks ago.\r\nIn a statement around the time of his arrest, Kakao said Mr Kim did not order or tolerate any illegal activity.\r\nThe Seoul Southern District Prosecutors’ Office indicted Mr Kim on allegations that he broke financial market rules.\r\nThe trial date will be set at a later stage, according to local reports.\r\nThe charges are related to a bidding war that came ahead of Kakao buying a controlling stake in K-pop agency SM Entertainment of almost 40% in March last year.\r\nProsecutors allege Mr Kim was involved in a four-day buying spree of SM Entertainment shares aimed to push up its stock market valuation beyond the reach of a rival bidder Hybe, the agency behind K-pop superstars BTS.\r\nThe case has sent shockwaves through South Korea\'s technology industry, which has long seen Mr Kim as a visionary internet pioneer.