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Founder Of Tech Giant Kakao Arrested For Stock Manipulation

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Kim Beom-su, founder of South Korean internet company Kakao, arrives at a court in Seoul on July 22, 2024. (Photo by YONHAP / AFP)

 

The billionaire founder of South Korean internet conglomerate Kakao was arrested early Tuesday, a Seoul court said, accused of manipulating stock prices during the acquisition of K-pop powerhouse SM Entertainment.

Founded in 2010, Kakao has grown to be a sprawling empire and owns everything from a major online bank to South Korea’s largest taxi-hailing app, plus KakaoTalk — the country’s biggest messaging app which is installed on 90 per cent of phones.

 

It also has a vast entertainment portfolio, encompassing music labels and talent management, which it augmented significantly last year by securing a controlling 39.87 per cent stake in SM Entertainment, becoming its largest shareholder.

 

Prosecutors accuse Kakao of buying 240 billion won ($173 million) worth of SM shares on 553 occasions in February 2023 at inflated prices in a deliberate effort to thwart a takeover bid by HYBE, the agency behind K-pop megastars BTS.

 

HYBE had purchased a 14.8-percent stake from SM’s founder, Lee Soo-man, and proposed buying more shares at 120,000 won each, but withdrew its attempt after SM’s stock prices soared.

 

The Seoul Southern District Court approved an arrest warrant for Kakao founder Kim Beom-su, citing risks of him fleeing and destroying evidence, it said in a statement.

 

Authorities have also questioned other Kakao executives, prosecutors said.

At an emergency Kakao group meeting last week, Kim said that it was a “pity” that the situation had occurred while “group members are working together to renovate management and innovate AI-based technology”.

He later said the charges against him were “not true”.

“I believe the facts will be revealed in the end as I have never ordered or tolerated any illegal activities,” Kim said, according to a press release sent to AFP by the company on Tuesday.

 

Experts said that the detention of the firm’s head could cause problems for the company.

 

“Kakao’s AI-based innovation will likely meet difficulty due to the absence of the head of the company, and the group will have to focus its efforts on eliminating total risk and judicial risk,” said Choi Kyoung-jin, a law professor at South Korea’s Gachon University.

 

“The risk of the group due to the leader being absent from Kakao will probably continue for a considerable period of time,” he added.

“Kakao will need to reorganise its governance.”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AFP

International News

Germany Deports 137 Nigerians In Five Chartered Flights

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German authorities deported at least 137 Nigerian citizens across five chartered flights between February and June 2026, according to migration monitoring reports.

 

Data from the DERS Team and Refugees4refugees.org shows the deportations occurred in phases, with 27 Nigerians returned in February, 37 in March through a joint European Union operation, 24 in April, 23 in May, and 26 in June.

The February operation departed from Stuttgart and landed at Lagos Cargo Airport, with Baden-Württemberg listed as a primary participant. The March operation represented the largest single return of Nigerians recorded over three years and was executed in collaboration with Spain, Austria, and Belgium.

The reports indicate a growing reliance on multi-national chartered flights by European states to repatriate undocumented or non-resident individuals to Nigeria.

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US Wants Justice In The killing Of Pastor Dachomo’s 9 Family Members 

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The United States has condemned the killing of members of the family of Plateau-based cleric, Rev. Ezekiel Dachomo, describing the attack as horrific and urging Nigerian authorities to ensure those responsible are brought to justice.

 

In a statement shared on X on Thursday, the US Department of State’s Bureau of African Affairs expressed condolences to the victims’ families and called for stronger measures to prevent further attacks on vulnerable communities across Nigeria’s Middle Belt.

“The United States strongly condemns the horrific killing of members of Rev. Ezekiel Dachomo’s family in Plateau State, Nigeria. The continued violence targeting Christian communities and other vulnerable populations in Nigeria’s Middle Belt is deeply alarming,” the bureau said

The US said it had already engaged Nigerian officials on the worsening security situation, stressing that urgent action was needed to curb recurring attacks and hold perpetrators accountable.

“As I discussed last week with Nigerian officials, we must do more to prevent violent acts. The perpetrators must be held accountable, and urgent action is needed to strengthen security and protect Christians and other vulnerable communities,” the statement added.

The bureau reaffirmed Washington’s commitment to working with the Nigerian government to combat terrorism and violent extremism, stressing that Christians and other Nigerians should be able to practise their faith without fear of violence.

The statement followed the July 12 attack on Kum community in Riyom Local Government Area of Plateau State, where nine members of Rev. Dachomo’s extended family, including a two-month-old baby, were killed.

According to the cleric, the attackers, believed to be armed Fulani militias, asked for him by name before opening fire on his relatives.

Dachomo, who serves as Regional Chairman of the Church of Christ in Nations (COCIN) in Barkin Ladi Local Government Area, said his family had repeatedly been targeted because of his outspoken criticism of the violence in Plateau State.

He recalled that his grandmother and an uncle were also killed in previous attacks, adding that days after burying his relatives, he received a written death threat from the same group, warning that he would be their next target.

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Nigeria Missing As Saudi Arabia Names African Countries Eligible For eVisa

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Saudi Arabia has updated its tourist eVisa programme for 2026, limiting eligibility in Africa to only three countries as part of its list of 66 nations whose citizens can apply through the Kingdom’s online visa platform.

 

The move leaves most African countries, including Nigeria, outside the simplified entry scheme.

The electronic visa allows eligible travellers to visit Saudi Arabia for tourism, leisure activities, family visits and Umrah, excluding the annual Hajj pilgrimage. Applications are completed online, eliminating the need for embassy visits and lengthy visa processing.

Saudi authorities said the eVisa forms part of ongoing efforts to expand tourism, attract international visitors and simplify travel procedures through a fully digital application system. The visa is available only to citizens of approved countries and territories listed on the Kingdom’s official tourism portal.

Below is the list of African countries eligible for Saudi Arabia’s eVisa.

1. Mauritius

2. Seychelles

3. South Africa

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