KFTC says Coupang's controlling shareholder is Bom Kim... Coupang signals lawsuit over 'dual regulation' [Bom Kim designated as Coupang's controlling shareholder]

The Korea Fair Trade Commission (KFTC) changed Coupang's controlling shareholder designation for this year's large business group classification, switching it from the company itself, Coupang, Inc., to Bom Kim, chairman of Coupang, Inc. With the rare exception of designating a corporation as the controlling shareholder revoked, Coupang has been converted into a large business group with a personal controlling shareholder. Coupang said it plans to file an administrative lawsuit.
The KFTC announced the designation results for the 2026 Business Groups Subject to Disclosure on the 29th.
Coupang, which was designated as a Business Group Subject to Disclosure in 2021, had been classified with the company itself, rather than the individual controlling shareholder, as the designated person. Under the enforcement decree of the Monopoly Regulation and Fair Trade Act (MRFTA), a corporation may be exceptionally designated as the controlling shareholder if the domestic affiliate scope does not change even when the individual owner is treated as the controlling shareholder, and if relatives of the owner do not hold affiliate shares or take part in management, eliminating concerns over private gain. Coupang had benefited from that exception until now.
This year, however, the KFTC determined that Coupang no longer met those requirements. The agency cited the fact that Kim Yu-seok, the younger brother of Chairman Bom Kim, was substantially involved in the management of domestic affiliates.
According to the KFTC, Kim Yu-seok held a vice president-level position at Coupang and received treatment comparable to that of chief executives at major affiliates. He presided over hundreds of meetings related to logistics and delivery policy and also reviewed business performance with affiliate executives. He was also found to have influenced major business decisions, including volume expansion and changes to delivery policy.
Considering these signs of managerial involvement, the KFTC concluded that relatives of the controlling shareholder were participating in core management. It therefore decided that the company could no longer remain the controlling shareholder and, under the enforcement decree, re-designated Bom Kim as Coupang's controlling shareholder. Coupang reportedly raised objections during the designation process, but they were not accepted.
With the controlling shareholder changed to an individual, Coupang will now be subject to the same regulations as other large business groups with personal controlling shareholders. Disclosure of transactions with companies linked to Chairman Kim's relatives, a review of affiliate scope, and rules on internal transactions and private gain are expected to apply.
In response, Coupang said, "Coupang, Inc. owns 100% of Coupang's Korean entity, and the Korean entity also fully owns its subsidiaries and sub-subsidiaries, creating a transparent governance structure." It added, "Bom Kim and his relatives do not hold any shares in Korean affiliates, so there is absolutely no concern over private gain." The company also argued, "As a U.S.-listed company, we already comply with the SEC's related-party disclosure requirements," and said the controlling shareholder designation amounts to "dual regulation that does not fit a global company."
Coupang plans to challenge the appropriateness of the designation through an administrative lawsuit.
Meanwhile, Dunamu Inc. was found to have met the exception requirements for a corporate controlling shareholder, including the absence of family involvement in management, and remained designated as the controlling shareholder company as before.
hippo@fnnews.com Kim Chan-mi Lee Jeong-hwa Reporter