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Kim Beom-seok, Chairman of Coupang Inc. Board of Directors. (Photo: Coupang) |
[Alpha Biz= Paul Lee] According to an exclusive report by Digital Times, the Korea Fair Trade Commission (KFTC) has indicated that it may consider designating Kim Beom-seok, Chairman of Coupang Inc.’s Board of Directors, as the ultimate owner if it is confirmed that his younger brother, Kim Yoo-seok, has been involved in Coupang’s management.
Since Coupang was included in the corporate group system in 2021, Kim Beom-seok has avoided being designated as the ultimate owner. The KFTC cited reasons such as his U.S. citizenship and the absence of family members participating in Coupang’s management. Currently, Coupang as a corporation, rather than Kim Beom-seok personally, is designated as the ultimate owner.
However, the Digital Times report revealed that Kim Yoo-seok received a total of 14 billion KRW (~$10.5 million) in salary and incentives over the past four years. He also holds a vice president-level executive position overseeing Coupang’s fulfillment center operations. This high compensation and executive role have raised speculation that he may, in fact, be involved in the company’s management.
Being designated as the ultimate owner of a corporate group entails various legal obligations, including prohibitions on private gain from the company and requirements to submit information regarding family members. Coupang has stated that Kim Yoo-seok does not reside in Korea and is not involved in its domestic operations.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
