Court presses FTC on Coupang founder designation

AI핵심 요약

• ·Ruling expected by July 15 in dispute over Bom Kim's regulatory status Bom Kim, founder of Coupang, walks from lunch during the Allen & Company Sun Valley Conference in Sun Valley, Idaho, in 2022.
• ·(Getty Images) A Seoul court has demanded that the Fair Trade Commission clarify the reason behind its decision to designate Coupang founder Bom Kim as the firm’s controlling figure, or “same person.” The Seoul High Court questioned the basis of the FTC’s changed stance on Kim after its on-site inspection of Coupang during a hearing on Tuesday, asking the FTC to provide clear grounds on how the antitrust regulators confirmed that Kim’s younger brother, Kim Yoo-seok, a Coupang vice president, took part in Coupang’s business management.
• ·The FTC argued that Kim Yoo-seok’s executive role, participation in decision-making processes, and influence over business tasks led it to believe that he had been engaging in Coupang’s business management.
• ·The FTC added that the designation is left to its discretion, so the decision should be respected.
• ·Coupang, on the other hand, underscored that it is a foreign conglomerate that has a different structure from Korea’s large enterprises, noting that the FTC is imposing unnecessary obligations on the US-listed company.