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Coupang Executive Chairman Kim Bum-seok. (Photo courtesy of Coupang) |
[Alpha Biz= Kim Jisun] Seoul, South Korea — Despite the massive data breach affecting 33.7 million customers at Coupang, company founder and de facto controlling shareholder Kim Bom-seok, Chair of Coupang Inc.—the U.S.-based parent company—remains silent, drawing widespread public outrage. Political leaders and civil society organizations are increasingly raising questions about Kim’s responsibility in the incident.
During an emergency parliamentary inquiry convened on December 2 by the National Assembly’s Science, ICT, Broadcasting, and Communications Committee, lawmakers from both the ruling and opposition parties sharply criticized Coupang’s lax security management and Chair Kim’s lack of response.
Rep. Lee Hoon-ki of the Democratic Party stated, “The public wants a direct and formal apology from Chairman Kim Bom-seok. Is he always going to stay hidden in the background?”
Rep. Lee Sang-hwi of the People Power Party added, “Kim Bom-seok has shaken the entire nation, yet he hasn’t said a single word of apology. Are we supposed to let only CEO Park (Dae-joon) stand there as the punching bag? Does he take Korea that lightly?”
The Korea National Council of Consumer Organizations also held a press conference at the National Assembly the same day, urging Kim to “apologize to consumers and present a responsible solution.”
Coupang has argued that the data breach occurred within its Korean subsidiary, insisting that Chair Kim bears no responsibility. During the parliamentary session, Coupang Korea CEO Park Dae-joon said, “The incident occurred within the Korean entity and falls under my responsibility.”
When lawmakers asked about Kim’s whereabouts, Park responded that he “does not know his physical location.”
Despite this stance, Kim remains the effective controller of the company, holding 74.3% voting power in Coupang Inc., which in turn owns 100% of Coupang Korea. Although Kim stepped down from his titles at the Korean subsidiary in 2021, he has continued to lead as Chair of Coupang Inc., frequently outlining business performance and strategy during earnings calls—placing him firmly at the top of the company’s governance structure.
Kim’s absence from accountability processes has been long criticized. Because he owns shares only in the U.S. parent company—not in Korean affiliates—he has avoided designation as a “controlling shareholder (same person)” under Korea’s Fair Trade Act. He has also repeatedly declined to attend parliamentary audits, citing overseas travel. Critics argue this allows him to exercise power while evading responsibility.
Meanwhile, Kim sold a portion of his shares in November last year, cash-realizing approximately 484.6 billion KRW.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
