'Shadow executive' Kim Beom-seok's younger brother, why did Coupang not want to reveal it?
'Protecting Brother Kim Beom-seok'Trying hard…Coupang's aim to swindle the Korean government and consumersU.S. Attempts to defend stock market prices and minimize litigation risk…'Sanctions, class action lawsuits, consumer defection' The bills get bigger'Coupang incident'National Assembly aimed at 6The unprecedented joint hearings of the Dog Standing Committee ended in chaos.. The direction of Coupang's response, which is increasing confusion with half-baked follow-up measures, is ultimately pointing to 'Protecting Chairman Kim Beom-seok’s brother'and 'stock price defense' 'Minimize litigation risk'all. However, the devices prepared by Coupang and Chairman Kim's brothers to avoid various regulations and judicial risks are actually increasing the level of sanctions and the possibility of large-scale lawsuits at home and abroad.. 'Kim Beom-seok appointed as CEO' The biggest variable is the large-scale personal information leak of Coupang's younger brother Kim Yu-seok. What is clearly revealed is that Chairman Kim's younger brother, Vice President Kim Yu-seok, is the executive in charge of the delivery camp management division at the Korean corporation.. 2021New York Stock Exchange, USA(NYSE)Coupang listed onIncis past 5New York Stock Exchange per year(NYSE)In the disclosure report submitted to Chairman Kim's 'Specially related person'It has been revealed that Vice President Kim belongs to Coupang.. However, his title was not disclosed., Employees dispatched from US headquarters to Korean corporation(employee) listed as one of. Coupang said in its report, Vice President Kim(English name Yoo Kim)second 'Beomseok Kim(Bom Kim) He is the chairman's brother and his spouse also works at Coupang.'explained.Vice President Kim’s role is 'Strategy and operations related'by, He wrote that compensation was set at the same level as other employees.. According to the announcement, Vice President Kim 2024Salary from Coupang in years 43ten thousand dollars(approximately 6100 million200010,000 won)and 7only4401Shares subject to state transfer restrictions(RSU)received. Current stock price per share 23If applied in dollars, approx. 24It's worth billions of won. RSUIt is paid when an employee satisfies the conditions such as performance and longevity set by the company.. Vice President Kim 2024year only 30Received cash and stocks worth over 100 million won, Report released after listing(202124Yearly salary)The cumulative payment amount of the award is 140It's over 100 million won.In industry and politics, Vice President Kim is an unregistered executive, but, 2014It is believed that he has played a significant role in the company's major management activities and decisions, including being involved in the company's major management activities and decisions together with his older brother, Chairman Kim, who has been with Coupang since 2012.. One industry insider said "The mere fact that Kim Yoo-seok did not want to reveal that he was the vice president shows that he already has considerable influence and decision-making power within the company."He said "It appears that an attempt was made to separate external and internal positions from a risk management perspective, as Kim Beom-seok's designation as head could lead to completely different results depending on Kim Yu-seok's role and status."said.The existence of Vice President Kim is the same person as Chairman Kim.(count: A person or corporation that actually controls a large conglomerate) It is considered a key variable in determining whether to designate. The Fair Trade Commission 2021Although Coupang was designated as a large conglomerate in 2018, it designated Coupang Corporation as the same person, saying there was insufficient evidence to designate Chairman Kim, who is a U.S. national, as the same person.. At the time, this decision was controversial., Afterwards, the Fair Trade Commission made it possible for foreigners to designate the same person and specified the requirements and exception provisions for designating the same person for corporations.. Even after this, Chairman Kim, a foreigner, has no shares in domestic affiliates and his relatives do not participate in management., Designation of the same person was avoided by acknowledging exceptions such as no financial transactions with the company.. Authorities are investigating Vice President Kim 'Although he belongs to Coupang, there is no basis to judge that he participates in management.'I saw it.however 2025year 12He is serving as vice president during the large-scale personal information leak incident and hearing in March., This year, it was confirmed that he received a significant amount of compensation and stock incentives. 5There is analysis that it will also affect the screening of the same person scheduled for this month..Joo Byeong-ki, Chairman of the Fair Trade Commission "Is Kim Beom-seok's younger brother Kim Yu-seok participating in management?, There is a need to investigate how much bonus and compensation is being received."and avoiding institutional loopholes. 'Prevent trick'It was pointed out that law amendments should follow for. Chairman Joo "(Chairman Kim Beom-seok) Even if the person is designated as the same person, the provisions for actual punishment under the current legal system are too weak."as "regulation of private gain, A new law must be prepared to regulate even benefiting relatives by receiving excessive bonuses or bonuses."He emphasized.Coupang side "Vice President Kim is not in a position to make management decisions or directly engage in management activities., It is not a situation where you are receiving particularly higher salary or compensation compared to those in the same or similar position."as 'shadow executive'He denies the suspicion that he is working as a. "If false disclosure was made U.S. Expansion of litigation is inevitable"The emergence of interim CEO Harold Rogers, who became the head of the Korean corporation due to the personal information leak incident. 'Mocking the Korean government and people'Coupang's strange response, which was criticized as being negative, is becoming a bad news that further increases the risk.. While a joint public-private investigation is in progress, Coupang suddenly announces details that are close to self-exoneration., In the name of the National Intelligence Service 'Following instructions from authorities'He countered by saying,. Representative Rogers publicly announced this self-investigation. "This is a successful example of cooperation, but the Korean government is not properly informing the public."He also attempted to change the frame.. At the same time, Coupang was a victim of an information leak. 3370About 10,000 people '1per person 510,000 won purchase voucher provided' A compensation plan was also presented., When I opened the lid, it was actually '5000one-won coupon'It was just. Marketing of Coupang subsidiaries to victims 'Smishing behavior that crosses the line'A curse was poured out saying,.Even though we were able to predict the reactions of our government and domestic consumers, 1The analysis that US stock market investors are behind the repeated claims that do not match the car compensation plan is gaining weight.. In fact, ahead of Coupang's joint hearing, the U.S. Securities and Exchange Commission(SEC)In the materials submitted to △Identify the culprit of the leak △The culprit 3300Although 10,000 accounts were accessed, the actual data stored was approximately 3000Just a dog △my3It contains content that the Korean government has not confirmed, including confirmation that it was deleted without sharing., To consumers 1article6850It was also stated that coupons worth hundreds of millions of won would be paid.. Chairman Kim Beom-seok's situation 40In the English apology issued after one day, "false insecurity(false anxiety), falsely accused(false criticism)" Different from the Korean language, etc. 'False/false' It is pointed out that the use of the term was intended to reduce the risk of lawsuits from investors.. Even though Coupang took proactive measures and cooperated as much as possible with the Korean government, it made every effort to convey the message that the authorities were excessively pressuring and harassing American companies..Listed on the New York Stock Exchange 2021since 2025year 3until the quarter 150Coupang, which has spent more than 100 million won in lobbying funds and has shown aggressive actions against US politics and relations, faced its biggest crisis since listing due to its half-baked response to this incident.. The number of local law firms pursuing class action lawsuits against Coupang is increasing.. Levy & Kolcinkey law firm located in New York City, USA. "A class action lawsuit is being filed for shareholders who suffered damage from Coupang's information leak."It was announced. To date, the number of law firms that have announced the recruitment of plaintiffs for class action lawsuits related to Coupang is at least 5identified as a place. Rewards for insiders who report meaningful non-public information(of the amount collected 1030%)to pay SEC Introducing the regulations 'whistle blowing'A law firm encouraging. Personal information leakage incident and unfaithful disclosure to Vice President Kim Yu-seok, If the number of shareholders claiming damages from a fall in stock prices due to false disclosures to minimize the situation increases, the size of the lawsuit and the amount of compensation could grow to an astronomical scale..Chairman Kim and CoupangIncA class action lawsuit against is already underway.. The lead plaintiffs are shareholders of the New York City Public Pension, which consists of the New York City Public Employees' Pension and the Police and Teachers' Pension.. Shareholders support Coupang's initial public offering(IPO) In the process, the risk of overwork and death due to poor working conditions was concealed, and information about search results manipulation and supplier price enforcement was concealed., They claim that the stock price plummeted after being investigated by Korean authorities after listing. 'Grossly false and deceptive acts'It was stipulated that. 1planted 'No remand'It was judged and dismissed as, The plaintiff appealed and faced additional legal judgment.. While the lawsuit is currently in progress, a personal information leak occurred and suspicions arose against Vice President Kim Yoo-seok, leading to a drop in stock prices on the U.S. stock market and a class action lawsuit that Coupang was trying to defend..Son Dong-hoo, who is leading a class action lawsuit for victims of personal information leaks from Coupang in the United States. SJKP(Daeryun Law Firm USA Corporation) New York lawyer "There is a gap between the main content announced by Coupang through public disclosure and the reality., If this is intentionally omitted or hidden (1laterally) discovery(discovery) It will be verified through internal documents and decision-making structures at this stage."He said "Issues related to Kim Yu-seok 'Did you have the title of executive?'not, This is whether governance and decision-making risks that are important to investors have been sufficiently disclosed.. Even though Kim Yoo-seok, a related party, had a meaningful influence on the company's decision-making or control structure, if he reduced or omitted the disclosure, he could become the subject of a dispute and additional litigation would be inevitable."explained. Coupang's stock price, which had plummeted due to the information leak, rebounded by more than 6% after an announcement was made attempting to minimize the situation, recovering to $24 per share. However, as the Korean government announced stronger investigation and follow-up measures against Coupang, it fell 1.36% and 2.24% for consecutive days on December 30 and 31 last year, remaining at $23.59. ■ Possibility of cooperation with the U.S. National Tax Service in the midst of the special prosecution's speed war on 'external pressure on Coupang investigation' The permanent special prosecutor and the National Tax Service are also targeting Coupang. Coupang, which recruited people from the prosecution, the courts, the Ministry of Employment and Labor, the Fair Trade Commission, the National Tax Service, the police, and the National Assembly, is in a state of 'vegetable government' as the government issued a 'ban on contact with Coupang', warning of 'disgrace to the company'. If Coupang's systematic illegal response or collusive relationship is revealed in the permanent special investigation team's investigation, the fallout is expected to be significant. On December 31 last year, the Permanent Special Prosecutor Ahn Kwon-seop's team summoned and investigated Kim Jun-ho, a public interest informant on the 'Coupang Blacklist', as a witness. Mr. Kim worked as a member of the human resources team at Coupang Fulfillment Service (Coupang CFS) Protection Logistics Center for five months starting in November 2022, and was in charge of excluding job applicants using blacklist documents. The special prosecutor's team is investigating the main body of Coupang's case of non-payment of severance pay, as well as suspicions of unfair external pressure that arose during the investigation and reporting of this case. The suspicion of external pressure in the investigation, triggered by the revelations of Chief Prosecutor Moon Ji-seok, who was in charge of the case, inevitably expands the investigation to include collusion not only within the prosecution but also between officials of the Ministry of Employment and Labor and Coupang. Coupang CFS changed its employment rules in a way that was unfavorable to workers in May 2023, and the Seoul Eastern Branch of the Ministry of Employment and Labor at the time approved this. The special prosecutor's team is checking the overall process of the prosecution's investigation of Coupang and the acquittal after approval from the Ministry of Employment and Labor. The legal community believes that securing physical evidence to support the suspicion of external pressure will be the key. The National Tax Service, which detected Coupang's suspicion of offshore tax evasion and launched a high-intensity special tax investigation, hinted at the possibility of cooperation with the U.S. Internal Revenue Service (IRS). The political world believes that the US Congress's 'life-saving efforts' or the authorities' passive response will not be effective, given that this incident may have caused damage to domestic investors, such as exposing Coupang to a large-scale class action lawsuit. Lee Hae-min, a member of the Korea Reform Party, said, "Since Coupang did not provide the data (requested by the Korean government and the National Assembly), we came to the conclusion that it would take a bombshell from the US IRS to make a move." He added, "I wonder if Coupang will lobby beyond the Office of the US Trade Representative (USTR) to the IRS. The cost of lobbying will also be considerable." We plan to file charges such as failure to appear under the National Assembly Testimony Act. CEO Rogers, former CEO Park Dae-jun, Vice President Cho Yong-woo, and Auditor Yoon Hye-young were included in the list of indictments on charges of perjury and other charges under the National Assembly Testimony Act. Reporter Lee Hye-young zero@sisajournal.com[View full article]
‘Shadow executive’ Kim Beom-seok’s younger brother, why did Coupang not want to reveal it? (Shortcut)