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Hong Kong/Seoul CNN —South Korean prosecutors have indicted a former Samsung executive for allegedly working with competitors who tried to build a copycat semiconductor factory in China. In a Monday statement, the Suwon district prosecutor’s office said it had charged a 65-year old former employee of what it called “Company A” over data theft. Prosecutors said the executive then tried to use that information to build a “duplicate” plant in the Chinese city of Xi’an, about 1.5 kilometers (one mile) away from a Samsung semiconductor factory. News agency Yonhap identified the second company as SK Hynix, another South Korean chip giant. Reuters reported that the attempt to build the new plant using Samsung data between 2018 and 2019 ended in failure due to funding issues.

Persons: wasn’t, Prosecutors, Yonhap Organizations: Seoul CNN — South, Samsung, “, SK Hynix, Prosecutors, Industrial Technology Protection, Reuters Locations: Hong Kong, Seoul, China, Suwon, Xi’an, Taiwan, Singapore, South Korea’s, South Korea, United States, Netherlands, Japan, Washington, Beijing

Hong Kong/Seoul CNN —South Korean internet company Kakao has become the largest shareholder of SM Entertainment, winning a battle for control of one of the country’s most iconic music agencies. Kakao and its entertainment unit have increased their stake in SM to 39.9%, they said in a Tuesday regulatory filing. In securing a controlling stake, Kakao has seen off rival HYBE, South Korea’s top music agency and home to boy band sensation BTS, after a bruising takeover battle. In a separate Tuesday filing, HYBE said it had sold some of its SM shares to Kakao, reducing its stake to 8.8%. Aespa is represented by SM Entertainment.

It plans to offer SM shareholders 150,000 won ($115) per share. The artists are represented by SM Entertainment, which is currently in the midst of several shareholder disputes. Kakao and its Kakao Entertainment unit already currently hold 4.9% of SM, the company told CNN in a statement Tuesday. Kakao’s gambleKakao is pressing forward nonetheless, inviting SM shareholders to accept its tender offer, which ends on March 26. Its shares closed 3% lower in Seoul on Tuesday, while SM’s shares soared 15%.

Hong Kong/Seoul CNN Business —Samsung has appointed Jay Y. Lee, its longtime de facto leader, as executive chairman. It comes just months after Lee, the scion of one of South Korea’s most powerful families, was pardoned for crimes including embezzlement and bribery. The pardon ended a five-year ban on Lee holding a formal position at Samsung. It said revenue had reached 76.8 trillion won (nearly $54 billion) in the third quarter, despite “a challenging business environment,” and still forecast its full-year revenue to surpass that of 2021. Samsung shares ticked up nearly 1% in Seoul on Thursday following the announcements.

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