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Kim Beom-seok, Founder and Chairman of Coupang Inc. (Photo = Yonhap News Agency) |
[Alpha Biz= Kim Jisun] Coupang has filed a lawsuit against the Korea Fair Trade Commission (FTC), seeking to overturn the designation of Chairman Kim Beom-seok as the company’s “same person” (de facto controlling shareholder).
According to industry sources on May 11, Coupang filed a cancellation suit with the Seoul High Court on May 8, challenging the FTC’s decision to change its designated controlling entity. The company also submitted a request for a stay of execution the following day.
The legal action follows the FTC’s decision on April 29 to designate Kim as Coupang’s “same person,” replacing the company entity previously listed in that role. This marks the first such change since Coupang was designated as a large business group subject to disclosure requirements in 2021.
The FTC cited the involvement of Kim’s brother, Kim Yoo-seok, in company management as grounds for the change, concluding that Coupang no longer met the criteria for exception under regulations governing corporate-designated controlling entities—specifically the condition requiring no participation by relatives.
Coupang has pushed back against the decision, stating that neither Chairman Kim nor his relatives hold shares in its Korean affiliates, and therefore there is no risk of self-dealing or unfair private benefit.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
