Seoul: Coupang Corp., the South Korean unit of U.S.-listed e-commerce giant Coupang Inc., has filed a lawsuit against a decision by the country's antitrust watchdog designating founder Kim Bom as the company's de facto controlling entity, officials said Monday.
According to Yonhap News Agency, Coupang filed the suit with the Seoul High Court on Friday, seeking to overturn the Fair Trade Commission (FTC)'s designation of Kim as the "same person" of the group last month. The term "same person" refers to the individual who effectively controls a conglomerate and is subject to tighter oversight by authorities.
Individuals designated as the same person face disclosure requirements on intra-family transactions and rules governing holding company structures. Coupang had previously qualified for an exception allowing the company itself to be designated as the same person, rather than an individual.
The FTC stated that Coupang no longer meets key conditions for the exception. They highlighted that Kim Bom's younger brother, Yoo Kim, is effectively involved in management as a vice president of Coupang, which influenced their decision.