Kim Beom-su, the founder of tech giant Kakao Corporation, appeared before prosecutors Tuesday for questioning over the firm’s alleged stock price manipulation to acquire K-pop powerhouse SM Entertainment last year.

The Seoul Southern District Prosecutors' Office said Kim was summoned for questioning on the charge of violating the capital market act.

Kim is accused of manipulating the stock prices of SM Entertainment in the process of acquiring shares of the K-pop powerhouse in a bidding war against Hybe in February last year.

SM shares climbed above 120-thousand won per share through the alleged manipulation, the fixed price at which Hybe was buying shares from investors.