South Korean Trade Minister Yeo Han-koo emphasized the need to separate Seoul’s investigation into Coupang’s data breach from broader trade matters with the US. Yeo made these comments to reporters at Incheon International Airport upon returning from the World Economic Forum in Davos, Switzerland. Coupang, founded by Korean American entrepreneur Kim Bom-suk, earns the majority of its revenue in South Korea.
During the World Economic Forum in Davos, Minister Yeo met with US Trade Representative Jamieson Greer to discuss various bilateral trade issues. Yeo clarified to Greer that the investigation into Coupang should not be viewed as discriminatory treatment against a US company or escalate into a trade dispute. He highlighted that the investigation’s transparency and non-discriminatory nature would apply to any company, regardless of its origin.
Yeo also engaged with key US lawmakers in Washington to elaborate on Seoul’s position regarding the Coupang probe and to address concerns about South Korea’s digital regulatory landscape. In a separate development, two US investors in Coupang, Greenoaks Capital Partners and Altimeter Capital Management, expressed intentions to file arbitration claims against South Korea over alleged discriminatory actions towards the e-commerce giant.
The investors raised concerns about South Korean authorities’ handling of the data breach incident, which affected approximately 33.7 million customers. Coupang, however, stated that the breach only compromised data from around 3,000 accounts. The Seoul government, alongside experts, continues its investigation into the data breach to ascertain the extent of the impact.
