Prosecutors Seek 15-Year Term for Kakao Founder

South Korean prosecutors have asked an appeals court to sentence Kakao founder Kim Beom-su to 15 years in prison and fine him 500 million won over alleged stock-price manipulation during Kakao’s 2023 takeover battle for SM Entertainment. They also sought 12 years for former Kakao investment chief Bae Jae-hyun, prison terms for other defendants, and fines for Kakao and Kakao Entertainment. Prosecutors argue the lower court wrongly assessed evidence and misinterpreted the law when it acquitted the defendants, who allegedly bought SM shares above HYBE’s 120,000-won tender-offer price to block HYBE’s acquisition attempt. Kim’s lawyers maintain there is no concrete evidence that he ordered or coordinated illegal manipulation and have urged the court to uphold the acquittal. The Seoul High Court will decide whether to overturn the first-trial ruling, which found the purchases could have been intended to secure shares rather than manipulate the market and questioned the reliability of key prosecution testimony.