In a stunning wrinkle in the fevered battle between Kakao Corp. and HYBE for a controlling stake in K-pop company SM Entertainment, Kakao’s chief investment officer was indicted Monday (Nov. 13) for allegedly manipulating the stock price to ward off HYBE’s rival bid. Bae Jae-hyun, Kakao’s chief investment officer, will face a trial for violating South Korea’s Capital Markets Act, according to reports. He allegedly inflated the price of SM Entertainment shares by purchasing 240 billion won ($181.3 million) of shares while HYBE, home of K-pop group BTS, was attempting to buy a large stake in the company. Prosecutors also
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