\n SEOUL, Kakao Mobility Corp., South Korea’s top taxi-hailing service operator, said Wednesday it has reappointed its CEO for another year, despite the state financial watchdog’s recommendation to replace him amid allegations of accounting fraud.<\/p>\n
In a general shareholders’ meeting, Kakao Mobility voted to keep Ryu Geung-seon as its CEO for one more year, citing the necessity for consistent leadership in the face of ongoing challenges.<\/p>\n
The move came as the Financial Supervisory Service (FSS) has imposed a combined 9 billion-won (US$6.68 million) fine on the company on charges of inflating its sales and recommended Ryu step down from his position.<\/p>\n
The punishment will be finalized at a panel meeting of the state financial regulator.<\/p>\n
Kakao Mobility has been working to restructure its membership system amid public blame for unfair practices using its market dominance in running its sprawling ride-hailing platform, Kakao T.<\/p>\n
Its parent company, Kakao Corp., has also been at the center of public criticism since l
\nast year over suspicions of unfair business practices and the moral hazard of its executives, including stock manipulation allegations.<\/p>\n
Source: Yonhap News Agency<\/p>\n","protected":false},"excerpt":{"rendered":"
SEOUL, Kakao Mobility Corp., South Korea’s top taxi-hailing service operator, said Wednesday it has reappointed its CEO for another year, despite the state financial watchdog’s recommendation to replace him amid allegations of accounting fraud.<\/p>\n
In a…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\n