Ex-Presto CEO Kim indicted in South Korea over DAOL stake disclosure

Kim Ki-soo, former CEO of Presto Investment Management and previously the second-largest shareholder of DAOL Investment & Securities, has been indicted for alleged violations of South Korea’s Capital Markets Act, The Korea Economic Daily reported. Prosecutors in Seoul also indicted his son, Kim Yong-jin, CEO of Presto Labs, a Singapore-based financial services firm operating in both digital asset and traditional finance markets. Authorities allege that after a sharp drop in DAOL’s stock price in April 2023, triggered by a large offload from Société Générale, Kim acquired more than a 5% stake in the company but failed to properly disclose the purpose of the purchase. He initially filed it as a general investment but amended the disclosure in September 2023 to indicate an intent to influence management.