A South Korean court has issued an arrest warrant for Kim, the founder of Kakao, accusing him of involvement in a stock manipulation scheme.

Foresight News reported that according to Bloomberg, a South Korean court issued an arrest warrant for Brian Kim, the founder of the South Korean internet giant Kakao, on charges of 'evidence destruction and fleeing'. Brian Kim faces allegations of involvement in a stock manipulation scheme during the high-profile acquisition of SM Entertainment in 2023. South Korean authorities previously arrested Kakao's Chief Investment Officer Bae Jae-hyun on charges related to stock price manipulation associated with the high-profile bidding war for South Korean pop music agency SM Entertainment.