Asia Tech Wire (July 24) -- Kim Beom-soo, the founder of South Korean IT giant Kakao, who was arrested for alleged stock manipulation, was arraigned by prosecutors at a detention center on Wednesday.

Officials from Seoul Southern District Prosecutors' Office interrogated Kim at the Southern Seoul Detention Center from 10 a.m. that day, 34 hours after his arrest at 1 a.m. Tuesday.

The prosecutors are focusing their investigation on whether Kim directly instructed or authorized stock price manipulation, among other suspicions.