Seoul: A local court on Tuesday acquitted Kim Beom-su, founder of tech giant Kakao Corp., of charges of stock manipulation related to the company's takeover of K-pop agency SM Entertainment. Kim, now head of Kakao's Future Initiative Center, had been indicted on charges of violating the Capital Market Act by inflating SM share prices above rival Hybe's tender offer price in order to block its takeover of SM in 2023.

According to Yonhap News Agency, the Seoul Southern District Court acquitted him of the charge. Prosecutors had sought a 15-year prison term for Kim, as well as a 500 million-won (US$351,000) fine.