Asian Tech Press (Mar. 14) -- Kim Beom-soo, the founder of South Korean Internet giant Kakao Corp. (KRX: 035720), has stepped down from the board of the company.

Kim became the richest man in South Korea at the end of July last year, surpassing Samsung heir and de facto leader Lee Jae-yong with a fortune of $13.4 billion.

Kakao shares plummeted in January after reports that police were investigating Kim for allegedly evading nearly $740 million in taxes in 2014. In turn, Kim's fortune from the rise in Kakao's share price decreased sharply.

Kakao said in a statement that Kim will now focus on global business expansion.