The founder of Kakao, Kim Beom-soo, has said he will strengthen compliance management as he reflected on the recent controversy over stock manipulation surrounding his company.

According to an industry source, Kim made the announcement on Monday during a management meeting held with executives of Kakao entities, where he discussed the accusations that the company sabotaged a takeover of SM Entertainment by Hybe, the parent company for BTS' management agency BigHit.

Kim said during the meeting that the recent investigations into accusations of stock manipulation by Kakao have prompted introspection on his shortcomings, and he will push to establish a stronger internal and external compliance management and control system.

The meeting was attended by 20 CEOs and executives, including Kakao CEO Hong Eun-taek, to examine the impact of the recent issues on the corporation.

The upper echelon of the company recognized the current situation as the gravest of emergencies and have begun reviewing the direction of the management system.

Kakao plans to hold such meetings every Monday to discuss specific action plans.