A court, on its own authority, suspended the effectiveness of the Korea Fair Trade Commission's decision designating Bom Kim, the Coupang Inc. chair, as Coupang's same person (owner).
According to legal sources on the 15th, the Administrative Division 7 of the Seoul High Court the previous day, on its own authority, suspended the effectiveness in connection with Coupang's lawsuit seeking to cancel the disposition to change the same person designation against the Korea Fair Trade Commission (FTC). The suspension period runs until July 15.
Coupang filed for a stay of execution along with the lawsuit, and it appears the court took this step considering the schedule for related hearings. Earlier, the court set the hearing date on Coupang's application for a stay of execution for the 16th of next month.
The Korea Fair Trade Commission (FTC) on the 29th of last month changed the same person of Coupang from the corporation to Chair Kim and designated it. It comes five years after designating Coupang in 2021 as a large enterprise (public disclosure target group) with asset of 5 trillion won or more.
In response, on the 11th Coupang filed a lawsuit seeking to overturn the FTC's decision. This is the first case related to the FTC's same person designation.
Once designated as the same person, the individual must report to the FTC each year, and also disclose publicly, the status of stock ownership in domestic and overseas affiliates held by the individual, spouse, relatives within the fourth degree, and in-laws within the third degree. Failure to properly fulfill these obligations can lead to a criminal complaint on suspicion of violating the Fair Trade Act.