[Editorial] Coupang Kim Beom-seok's 'Owner' Designation Must Follow Law and Principles

The Hankyoreh editorial board strongly urges the Fair Trade Commission (KFTC) to designate Coupang founder Kim Beom-seok as the "person of the same kind" (de facto owner) based strictly on law and principle, regardless of external pressures. The recent lobbying efforts by the US government and Congress on behalf of Coupang, a nominally American company, raise serious concerns about undue influence on Korea's sovereign regulatory decisions.

Kim Beom-seok has skillfully evaded this designation for four years, citing his foreign nationality and the absence of family members in management. However, current South Korean law does not explicitly prohibit foreign nationals from being designated as the de facto owner of a business group. Furthermore, the recent revelation that Kim's brother received 14 billion won in compensation from Coupang over four years directly contradicts the narrative of no family involvement and provides a clear legal basis for the designation under the Fair Trade Act, which aims to regulate issues like preferential treatment and private enrichment of the owner's family.

Failing to designate Kim would create a significant disadvantage for domestic companies. Major Korean conglomerates and platform companies like Naver, whose founder Lee Hae-jin was designated despite holding only a 4% stake, are subject to these regulations. Kim, through differential voting rights, effectively controls Coupang Inc., a US-listed entity that owns Coupang. This situation demands a fair application of the law to prevent regulatory arbitrage and ensure a level playing field.

Coupang's extensive lobbying efforts in the US, which have escalated to link its business interests with broader US-South Korea trade and security issues, are a blatant attempt to leverage diplomatic channels for corporate gain. The Hankyoreh condemns this behavior, urging Coupang to cease using national interests as a bargaining chip and instead focus on regaining the trust of Korean consumers and regulators by adhering to Korean law and principles.