On March 28 KST, the criminal 2nd division of the Seoul Southern District Court issued an arrest warrant for 'A', the president of Oneasia Partners. 'A' is facing charges of colluding with Kakao and manipulating SM Entertainment stock prices in February of 2023. The arrest warrant was issued to prevent 'A' from destroying evidence and evasion. 

According to prosecutors, 'A' worked with 'B', the Chief Investment Operator of Kakao at the time, to purchase SM Entertainment stocks between February 16-17 and February 27-28 of 2023 using funds owned by Oneasia Partners, a private equity operating partner. As a result, SM Entertainment stock prices rose rapidly at the same time that a competitor in the SM acquisition bid, HYBE, issued a tender offer. 

'B' was previously indicted and detained in November of last year, before he was bailed out earlier this month.