South Korea’s Fair Trade Commission to Announce Coupang “Same Person” Designation on April 29
Last-Minute Review Could Shift Designation from Coupang Corporation to Chairman Kim Beom-seok
If Designated, Oversight of the Individual and Family Members Would Expand
Submitting False Documents Could Lead to Criminal Charges
Last-Minute Review Could Shift Designation from Coupang Corporation to Chairman Kim Beom-seok
If Designated, Oversight of the Individual and Family Members Would Expand
Submitting False Documents Could Lead to Criminal Charges
South Korea’s Fair Trade Commission (KFTC) is expected to decide next week whether to change Coupang’s “same person” designation from the corporate entity to Chairman Kim Beom-seok of Coupang Inc. Insiders say the agency is leaning toward naming Kim and is conducting final reviews. On April 20, industry sources said the KFTC had provisionally concluded to designate Coupang’s founder, Chairman Kim, as the “same person” when it names business groups subject to disclosure on April 29. The KFTC, however, has publicly maintained that no final decision has been made.
To date, the KFTC’s review has focused on whether Kim’s younger brother, Vice President Kim Yu-seok, took part in company management. The commission had kept the “same person” at the corporate level on the basis that family members were not involved in management.
Investigators say they found indications that Vice President Kim materially participated in management, including involvement in key decisions related to the logistics business. Earlier, KFTC Chair Joo Byung-gi told media outlets that the commission could change the “same person” designation from a corporation to an individual if family involvement in management were confirmed.
If the KFTC names Chairman Kim as the “same person,” responsibilities under the Fair Trade Act — including restrictions on self-dealing and requirements to submit family-related documents — would fall on him personally. For example, if a previously submitted declaration asserting that relatives did not participate in management were later shown to be false, authorities could consider criminal charges for filing false documents. That said, the “same person” designation and any decision to pursue criminal charges are separate matters; prosecutors would independently determine whether to bring charges.
Under the enforcement decree of the Monopoly Regulation and Fair Trade Act, the KFTC typically completes its annual designations — including the list of groups subject to disclosure, groups restricted from cross-shareholding, and the “same person” — by May 1. This year, because a recent amendment made May 1 a public holiday, the commission moved the announcement date earlier.
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