Kakao’s Founder Faces Antitrust Probe, Loses Top Spot As South Korea’s Richest

Kim Beom-su, the founder of South Korean internet giant Kakao, has tumbled from the top spot of the country’s wealth ranking, after local media revealed that he’s being probed by the country’s antitrust regulator.

Korean media widely reported that Korea’s Fair Trade Commission is probing Kim for allegedly leaving out “necessary information or falsely reported about K Cube Holdings, an investment firm fully owned by Kim, over the past five years.”

K Cube Holdings is the de facto holding company of Kakao, of which its business spans from operating the popular messaging app for some 46 million local users, to providing online payments and ride-hailing services.

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