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Seoul High Court Suspends FTC Designation of Coupang Founder as Identical Person
The Seoul High Court on Tuesday partially granted an injunction that suspends the Fair Trade Commission's May 1 designation of Kim Bom as the identical person of Coupang. The suspension lasts until 30 days after a ruling on the main lawsuit filed by Coupang Corp.
Jul 14, 2:23 AM·1m read1 source
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The Seoul High Court on Tuesday partially granted an injunction suspending the Fair Trade Commission's designation of Kim Bom as the identical person of Coupang. The ruling halts the effects of the FTC's May 1 decision until 30 days after judgment on the underlying lawsuit. -listed company, had filed the lawsuit and injunction request to overturn the designation.
The court found an urgent need to prevent irrecoverable losses to Coupang and no evidence that the suspension would harm public welfare. The identical-person designation subjects the individual to tighter oversight, including disclosure requirements on intra-family transactions and rules on holding-company structures.
Coupang had previously qualified for an exception that allowed the company itself to be designated instead of an individual.
The FTC had argued that Coupang no longer meets the conditions for that exception because Kim Bom's younger brother, Yoo Kim, serves as a vice president and is effectively involved in management. Kim Bom is the founder of Coupang Inc. Yonhap reported the court decision from Seoul.
