Coupang Corp., the 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.
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, according to the officials.
"Same person" is a legal term referring to the individual who effectively controls a conglomerate.
Individuals designated as the same person are subject to tighter oversight by authorities, including disclosure requirements on intra-family transactions and rules governing holding company structures.
Coupang had previously qualified for an exception allowing the company itself, rather than an individual, to be designated as the same person.
The FTC said Coupang no longer meets key conditions for the exception, citing that Kim Bom's younger brother, Yoo Kim, is effectively involved in management as a vice president of Coupang.
Source: Korea Times News
