Kakao's Kim Bumsoo continues to be tried without detention...Court rejects request to cancel release

The prosecution appealed to cancel bail for Kim Bum-soo, chairman of Kakao's management reform committee, who was accused of stock price manipulation, but the court did not accept it.

The Seoul High Court was found to have rejected the prosecution's appeal to cancel the bail for Chairman Kim yesterday (23rd).

As a result, Chairman Kim will continue to be tried without detention.

Earlier in October, when the Seoul Southern District Court accepted the request for bail, Chairman Kim was released 100 days after his arrest, and the prosecution appealed for the possibility of conciliation of witnesses.

Chairman Kim is accused of manipulating the market price by forming the open purchase price of SM Entertainment higher than 120,000 won in order to hinder the open purchase of its rival Hive in February last year.