The Korea Fair Trade Commission will change the same person (ultimate owner) for Coupang from ‘corporation’ to ‘Chairman Kim Beom-seok of Coupang I...
Evidence emerges that younger brother, Vice President Kim Yu-seok, took part in management Coupang signals an administrative lawsuit···controversy expected to continue Coupang founder Kim Beom-seok.
Yonhap News The Korea Fair Trade Commission will change the same person for Coupang from ‘corporation’ to ‘Chairman Kim Beom-seok of Coupang Inc’. It reached this decision because it judged there are concerns over self-dealing by the owner family after indications emerged that his younger brother, Vice President Kim Yu-seok, had participated in management.
On the 29th, the Korea Fair Trade Commission designated the ‘2026 business groups subject to disclosure ’ and announced that it had changed the ultimate owner of Coupang to Chairman Kim. Chairman Kim has been designated as ultimate owner for the first time in five years since 2021, when Coupang was first designated as a large business group.
Until now, the Korea Fair Trade Commission had designated the corporate entity Coupang as the same person on the grounds that there was no management participation by relatives, such as serving as executives.
However, through an on-site investigation in January, it found that Vice President Kim had exercised influence by holding hundreds of regular and ad hoc meetings related to logistics and delivery policies and by directing concrete courses of action on major businesses.
In addition, the fact that the position held by Vice President Kim is similar to the representative director level of key affiliates, and that his annual compensation is comparable to the average for registered executives at that level, also served as key grounds indicating substantial participation in management. With Chairman Kim designated as the ultimate owner, regulation is expected to be strengthened.
Companies in which Chairman Kim and his relatives hold shares will all be incorporated as Coupang affiliates, and self-dealing regulations will apply to those affiliates. Each year, they must directly report to the Korea Fair Trade Commission the status of affiliates and lists of officers and shareholders; if these are omitted or submitted falsely, Chairman Kim bears legal liability.
In particular, overseas affiliates in which Chairman Kim and his relatives own 20% of shares will newly be included among entities subject to disclosure obligations.
The Korea Fair Trade Commission said, “This designation is significant in that it aligns the person who actually controls the corporate group with the same person who holds final responsibility for the application of large business group policies, thereby eliminating the gap between authority and responsibility,” and emphasized, “Going forward, the Korea Fair Trade Commission will continue to operate the same-person system strictly.
” However, with Coupang indicating it will file an administrative lawsuit, the controversy over the same-person designation is expected to continue. During the process of changing the same person this time, Coupang mounted a strong objection, including the unusual step of pursuing a formal objection procedure.
Coupang said, “Coupang Inc wholly owns the Korean Coupang entity, and the Korean Coupang entity also wholly owns its subsidiaries and second-tier subsidiaries, representing a transparent governance structure,” and “Chairman Kim and his relatives do not hold shares in Korean affiliates, so there is no concern whatsoever about self-dealing.
” It added, “We will faithfully present our case through an administrative lawsuit going forward. ” 한글기사 원본
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