Coupang hit with a 6,246billion-won fine, raising Korea-U.S. trade concerns
The Personal Information Protection Commission has imposed a record 6,246billion-won fine on Coupang. Because Coupang is a Delaware corporation listed on the New York Stock Exchange, some investors raised the issue with the Office of the U.S. Trade Representative (USTR).
South Korea’s Personal Information Protection Commission has imposed a fine of 6,246billion won on Coupang. The decision follows sanctions imposed by the Personal Information Protection Commission. The fine is the largest ever. Coupang was founded by Bom Kim, and the company was established in 2010 . After receiving investment from Japan’s SoftBank, the company came to have 25,000,000active members. It grew into the 1th-largest company in South Korea’s e-commerce market, led by its Rocket Delivery express shipping service. Coupang generates most of its revenue in South Korea. Legally, it is classified as a U.S. company. Its headquarters are registered in Delaware, and it is listed on the New York Stock Exchange. Foreign media outlets issued urgent reports on the measure. They reported that the U.S. government tends to regard foreign regulations as nontariff trade barriers. Citing this point, they raised concerns that the measure could develop into a Korea-U.S. trade issue. In fact, some Coupang investors are reportedly said to have raised concerns with the USTR that the South Korean government’s regulations were unfair. Investors are closely monitoring the South Korean government’s investigation and sanctions. Domestic and foreign investors are watching the relevant disclosures and whether there will be further measures.
Sources: 뉴시스 경제
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