The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Kim Da-mi, Jeon So-nee team up for coming-of-age film 'Soulmate'

  • 3

    Park Hyung-sik to play crown prince in tvN series 'Our Blooming Youth'

  • 5

    Discussions on raising age for free subway rides gain momentum

  • 7

    Too many emergency text alerts? Gov't to halt daily COVID-19 notifications

  • 9

    First lady expands presence in domestic politics

  • 11

    'Ant-Man 3' promises bigger, better action with same family dynamic: cast

  • 13

    Apple Pay can be launched in Korea: financial regulator

  • 15

    FSC OKs Apple Pay to be available in Korea

  • 17

    Yoon's office to press charges over report on fortune teller

  • 19

    SEMICON Korea defies chip industry downturn

  • 2

    Teens feel peer pressure to buy luxury goods endorsed by K-pop stars

  • 4

    Itaewon tragedy's bereaved families harassed by far-right protesters

  • 6

    SM to introduce multi-production system to increase business capabilities

  • 8

    Plan to construct new memorial center for ex-president faces backlash

  • 10

    Ex-justice minister gets 2-year prison term for academic irregularities surrounding family

  • 12

    Seoul to discuss reforming free transportation benefits for seniors

  • 14

    Able C&C sale attracts dozens of potential buyers

  • 16

    Naver to roll out conversational AI service

  • 18

    Naver 2022 net profit down 96% on one-off factor

  • 20

    Families of Itaewon crowd stampede victims clash with police over installation of memorial altar

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Business
  • Tech
  • Bio
  • Companies
Sun, February 5, 2023 | 10:44
Companies
FTC's move to 'restrain' Coupang founder hits snag
Posted : 2022-08-01 16:41
Updated : 2022-08-02 15:58
Lee Kyung-min
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link

Coupang founder Bom Kim / Korea Times file
Coupang founder Bom Kim / Korea Times file

By Lee Kyung-min

The years-long move by Korea's antitrust agency to designate Coupang founder Kim Bom-suk as the head of a large conglomerate has been postponed due to inter-ministerial discord, according to officials Monday. The Korean American with U.S. citizenship widely known as Bom Kim founded the e-commerce giant, a New York Stock Exchange-listed firm.

The Fair Trade Commission (FTC) has long sought the designation, put in place in 1986 to limit the power and influence of the country's large, family-run conglomerates. As long as a year will be needed to resume the move, contingent upon agreement between the related authorities.

"We decided to delay the announcement until after an agreement is reached," an FTC official said. "It remains uncertain as to how soon the date will be."

Behind the last-minute decision was opposition from the finance, industry and foreign ministries, which maintain that the issue could spark a full-fledged trade dispute between Korea and the U.S.

They say the designation violates "the most-favored-nation," a bedrock World Trade Organization principle. U.S. top trade authorities reportedly urged their Korean counterparts twice over the past few months that the issue be placed at the top of the agenda.

Also at play is a growing concern that many foreign businesses will scale down or altogether scrap investment plans. Korea has long been bogged down by a lack of predictability and consistency in legal and regulatory frameworks, a reason many foreign investors say they face discrimination.

Coupang founder Bom Kim / Korea Times file
Officials walk into a conference room inside the Fair Trade Commission building in the Sejong Government Complex. Korea Times file

The postponement presents a challenge to the antitrust agency's years of efforts to tighten regulations on Kim, whom it says de facto controls the firm, powered by the most dominant e-commerce market presence in the country.

Under the FTC law, any business organization with over 5 trillion won ($3.8 billion) in total assets is designated as a large conglomerate every year. Those designated are prohibited from cross-investments and have their investment ceilings restricted.

The designation will require Kim and key executives of overseas subsidiaries to submit and publicly disclose the shares held by what Korean law defines as "close family members and close acquaintances." Any deliberate omission or manipulation of critical data will result in up to two years in prison or up to 150 million won ($114,700) in fines.




Emaillkm@koreatimes.co.kr Article ListMore articles by this reporter
 
Top 10 Stories
1Teens feel peer pressure to buy luxury goods endorsed by K-pop stars Teens feel peer pressure to buy luxury goods endorsed by K-pop stars
2Itaewon tragedy's bereaved families harassed by far-right protesters Itaewon tragedy's bereaved families harassed by far-right protesters
3Discussions on raising age for free subway rides gain momentum Discussions on raising age for free subway rides gain momentum
4Too many emergency text alerts? Gov't to halt daily COVID-19 notifications Too many emergency text alerts? Gov't to halt daily COVID-19 notifications
5Plan to construct new memorial center for ex-president faces backlash Plan to construct new memorial center for ex-president faces backlash
6First lady expands presence in domestic politics First lady expands presence in domestic politics
7Able C&C sale attracts dozens of potential buyers Able C&C sale attracts dozens of potential buyers
8FSC OKs Apple Pay to be available in Korea FSC OKs Apple Pay to be available in Korea
9Naver to roll out conversational AI service Naver to roll out conversational AI service
10SEMICON Korea defies chip industry downturn SEMICON Korea defies chip industry downturn
Top 5 Entertainment News
1Kim Da-mi, Jeon So-nee team up for coming-of-age film 'Soulmate' Kim Da-mi, Jeon So-nee team up for coming-of-age film 'Soulmate'
2Park Hyung-sik to play crown prince in tvN series 'Our Blooming Youth' Park Hyung-sik to play crown prince in tvN series 'Our Blooming Youth'
3'Ant-Man 3' promises bigger, better action with same family dynamic: cast 'Ant-Man 3' promises bigger, better action with same family dynamic: cast
4[INTERVIEW] Disney+ 'Big Bet' director on portraying greed and desire INTERVIEWDisney+ 'Big Bet' director on portraying greed and desire
5TXT, Le Sserafim top Oricon album and singles chart TXT, Le Sserafim top Oricon album and singles chart
DARKROOM
  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

  • World Cup 2022 France vs Morocco

    World Cup 2022 France vs Morocco

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group