Prosecutors raided Kakao and Kakao Ent over the allegations of market manipulation

On 6 Apr, prosecutors raided Kakao and Kakao Ent over the allegations of market manipulation that arose during the acquisition of SM Ent. The case will be led by the Financial Investigation unit of the Seoul Southern District Prosecutor’s Office and the search & seizure by the special police of the Financial Supervisory Service. The FSS referred the case to prosecution after fast-tracking the investigation internally for a month.  but the Official from Kakao and Kakao Ent said that it was difficult to confirm whether there is an investigation.