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Kim Beom-seok, chairman of Coupang Inc.. (Photo = Yonhap News Agency) |
[Alpha Biz= Kim Jisun] Korea Fair Trade Commission Chairman Joo Byung-ki said authorities are likely to pursue criminal sanctions against Kim Beom-seok, chairman of Coupang Inc., over allegations of submitting false data related to “same person” (controlling shareholder) designation.
Speaking at a press briefing on May 26, Joo stated that Coupang had previously pledged that the founder’s family would not participate in domestic management. However, violations of that pledge were later identified, prompting the KFTC to designate Kim as the controlling shareholder and launch an investigation.
The KFTC confirmed that Kim’s brother was involved in domestic operations, contradicting earlier filings. Under current law, false submissions are subject primarily to criminal penalties, and Joo indicated that prosecution would be unavoidable if the allegations are proven.
The regulator also plans to introduce administrative fines—potentially up to KRW 20 billion—to strengthen enforcement, as existing rules rely solely on criminal punishment with limited deterrent effect.
In addition, the KFTC will expand its workforce and establish a dedicated task force to handle large-scale and complex cases involving major conglomerates and platform companies such as Coupang and Naver.
The commission is also reviewing gift certificate refund rules and plans to extend the statute of limitations for cartel enforcement from the current maximum of 12 years to up to 15 years.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
