South Korea's FTC Designates Coupang Founder Kim Bom-suk as De Facto Controller
South Korea's Fair Trade Commission has designated Kim Bom-suk, founder and chairman of Coupang Inc., as the e-commerce giant's de facto controller, placing him under stricter regulatory oversight. The FTC determined Coupang no longer met conditions for an exception allowing a corporation to be designated as the controlling entity, citing evidence that Kim's younger brother Yoo Kim, the company's Vice President, was effectively involved in management. The change requires Kim and his relatives to submit extensive disclosures and comply with detailed investigations. The company has faced increased scrutiny following a data breach affecting 33.6 million users, and the U.S. government has raised concerns about potentially discriminatory treatment.