Seoul: A group of executives at Kakao Corp., the operator of South Korea's leading mobile messenger, have purchased 450 million won (US$323,392) worth of shares in the company as part of an initiative to restore shareholder confidence, the company announced Tuesday. According to Yonhap News Agency, nine executives, including Kwon Dae-yeol, President of the ESG Committee at Kakao's Corporate Alignment Council, and Shin Jong-hwan, the company's Chief Financial Officer, have each acquired stocks valued at approximately 50 million won between November 8 and 14. This information was revealed in the company's regulatory filing. The company stated that the share buyback is intended to bolster "responsible" management practices and rebuild trust with its shareholders. Kakao has been grappling with a management crisis following charges against its founder, Kim Beom-su, for alleged involvement in stock manipulation related to SM Entertainment's takeover in February of the previous year. Kakao's stock value has signi ficantly declined, currently standing at less than a quarter of its peak price of over 170,000 won recorded in June 2021. As of Monday, shares closed at 35,100 won on the main Seoul stock exchange. To further support the stock prices, Kakao CEO Chung Shin-a also invested 100 million won in the company's shares in May and August.