Coupang founder Kim Bom-suk attends the Allen & Company Sun Valley Conference in Idaho, July 8, 2022. Courtesy of Coupang
Coupang founder Kim Bom-suk faces mounting regulatory scrutiny from the Korean government, as the Fair Trade Commission (FTC) mulls designating him the de facto controller of the e-commerce firm.
The FTC is scheduled to determine Wednesday whether to designate Kim, who also serves as chairman of the board of Coupang Inc., as the group’s “same person” — a legal term referring to the individual who effectively controls a conglomerate.
Once designated as the controlling figure, he would face a wider range of regulatory scrutiny, requiring not only him but his relatives to submit extensive disclosures and comply with detailed investigations by the authorities.
However, it remains to be seen whether the FTC will do so, as the move may trigger strong objections from the United States and potentially reignite trade friction between Seoul and Washington.
Those in favor of increased regulation argue that such a move could help address lingering concerns surrounding Coupang, such as worker deaths at its logistics centers, data privacy breaches and a broad range of governance issues.
“We collected enough datasets (regarding Kim’s relatives’ stake holding status),” FTC Chairman Ju Biung-ghi said in a media interview last month.
Maintaining a critical stance toward Coupang, Ju hinted at the possibility of imposing a business suspension on the firm for a massive data breach involving 33.7 million users that was disclosed late last year.
Civic groups including the Citizens’ Coalition for Economic Justice have also urged the FTC to designate Kim, also known as Bom Kim, as the controlling head of Coupang, arguing that the firm's overseas corporate governance structure is no longer justified at a time when it makes most of its profits in Korea.
Coupang's interim CEO Harold Rogers speaks at the Semafor World Economy 2026 summit in Washington, D.C., April 14. AFP-Yonhap
Source: Korea Times News
