Financial Supervisory Service raids SM Entertainment in the investigation into suspicions of market price manipulation during acquisition

The Financial Supervisory Service reportedly launched a search and seizure at SM’s headquarters.

According to reports, the Financial Supervisory Service’s special judicial police sent investigators to SM Entertainment’s headquarters in Seongsu-dong, Seoul to secure documents related to the allegations of stock price manipulation during the recent acquisition process from 9 a.m. today (April 18th).

In February, HYBE submitted a petition to the Financial Supervisory Service claiming that certain forces were trying to raise SM’s stock prices to hinder HYBE’s public purchase of SM shares.

Since then, the Financial Supervisory Service has been conducting a cooperative investigation with the Seoul Southern District Prosecutor’s Office using the “Fast Track” procedure.

Earlier on April 6th, the Financial Supervisory Service’s special judicial police also conducted a search and seizure at the headquarters of Kakao in Seongnam, Gyeonggi-do, and Kakao Entertainment in Jongno-gu, Seoul.

Source: YTN