South Korean prosecutors indicted on Thursday Kim Beom-su, the billionaire founder of tech giant&nbsp;Kakao&nbsp;Corp, on charges of stock market manipulation, the Yonhap news agency reported.

The&nbsp;Kakao&nbsp;founder, who is also known as Brian Kim, was arrested last month and has been detained since.

He is seen as a visionary in South Korea's digital industry for building&nbsp;Kakao's group of affiliates - worth 86 trillion won ($62 billion) by assets - from the ground up since launching the popular messaging app&nbsp;KakaoTalk.chat in 2010.

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Prosecutors say he was involved in manipulating the stock price of SM Entertainment in February last year to hinder a competitor, Hybe, from acquiring it.

Kim has denied the accusations, saying he never ordered or tolerated any illegal activity, the company said in a statement.

On Thursday, the tech giant posted an operating profit of 134 billion won ($97.24 million) in the second quarter, 18.5 per cent&nbsp;up from a year ago.

Shina Chung,&nbsp;Kakao's CEO, told the post-earnings call that the company acknowledged shareholders concerns about the "difficulties from internal and external circumstances", but would continue to provide its services seamlessly.

Also read:&nbsp;<a data-ved="2ahUKEwjQuLCE6uWHAxWFka8BHVApAF0QxfQBKAB6BAgQEAE" href="https://www.wionews.com/entertainment/trotting-ahead-of-k-pop-south-korean-crooner-rivals-bts-747602" jsname="YKoRaf" ping="/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.wionews.com/entertainment/trotting-ahead-of-k-pop-south-korean-crooner-rivals-bts-747602&amp;ved=2ahUKEwjQuLCE6uWHAxWFka8BHVApAF0QxfQBKAB6BAgQEAE">Trotting ahead of K-pop? South Korean crooner rivals BTS</a>

She did not provide further details on the legal issue.

Former&nbsp;Kakao&nbsp;CEO Hong Eun-taek and former&nbsp;Kakao&nbsp;Entertainment CEO Kim Sung-soo have also been indicted without being detained, according to Yonhap.

Disclaimer: This story has been published from a news agency feed with minimal edits for grammar and punctuation. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION&nbsp;audience. 
&nbsp;

South Korean prosecutors indicted on Thursday Kim Beom-su, the billionaire founder of tech giant Kakao Corp, on charges of stock market manipulation, the Yonhap news agency reported.

South Korean prosecutors indicted on Thursday Kim Beom-su, the billionaire founder of tech giant Kakao Corp, on charges of stock market manipulation, the Yonhap news agency reported. The Kakao founder, who is also known as Brian Kim, was arrested last month and has been detained since. He is seen as a visionary in South Korea's digital industry for building Kakao's group of affiliates - worth 86 trillion won ($62 billion) by assets - from the ground up since launching the popular messaging app KakaoTalk.chat in 2010. Also read: South Korea to mandate disclosure of EV battery brands following recent fires Prosecutors say he was involved in manipulating the stock price of SM Entertainment in February last year to hinder a competitor, Hybe, from acquiring it. Kim has denied the accusations, saying he never ordered or tolerated any illegal activity, the company said in a statement. On Thursday, the tech giant posted an operating profit of 134 billion won ($97.24 million) in the second quarter, 18.5 per cent up from a year ago. Shina Chung, Kakao's CEO, told the post-earnings call that the company acknowledged shareholders concerns about the "difficulties from internal and external circumstances", but would continue to provide its services seamlessly. Also read: Trotting ahead of K-pop? South Korean crooner rivals BTS She did not provide further details on the legal issue. Former Kakao CEO Hong Eun-taek and former Kakao Entertainment CEO Kim Sung-soo have also been indicted without being detained, according to Yonhap. Disclaimer: This story has been published from a news agency feed with minimal edits for grammar and punctuation. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

South Korea tech tycoon indicted for 'stock manipulation'

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South Korea tech tycoon indicted for 'stock manipulation'