NewKerala.com

S. Korea Urges US to Keep Coupang Probe Separate from Bilateral Trade Issues

South Korean Trade Minister Yeo Han-koo has urged U.S. trade officials to treat the investigation into e-commerce giant Coupang's data breach separately from broader bilateral trade issues. The minister met with U.S. Trade Representative Jamieson Greer in Davos to explain that the probe is non-discriminatory and not targeted because Coupang is a U.S.-listed company. Meanwhile, two major U.S. investors in Coupang have notified the South Korean government of their intent to bring arbitration claims, calling the investigations discriminatory. The probe was launched after a data leak believed to have affected tens of millions of customer accounts.

Key Points: S. Korea Urges US to Separate Coupang Probe from Trade

  • Minister urges probe be kept separate from trade
  • Coupang is a U.S.-listed firm with most revenue in Korea
  • U.S. investors notify intent for arbitration
  • Probe follows a massive customer data leak
2 min read

S. Korean trade minister urges USTR to separate Coupang probe from trade issues

South Korea's trade minister tells U.S. officials the Coupang data breach investigation is not discriminatory and should not become a trade dispute.

"I explained that it is not because Coupang is a U.S. company. - Trade Minister Yeo Han-koo"

Seoul, Jan 24

Trade Minister Yeo Han-koo said on Saturday he has stressed to US trade officials that Seoul's investigation into e-commerce giant Coupang over a major data breach should be treated separately from broader trade issues between the two countries.

Yeo made the remarks regarding Coupang to reporters at Incheon International Airport after returning to South Korea following his participation in the World Economic Forum in Davos, Switzerland, reports Yonhap news agency.

Coupang, a U.S.-listed company founded by Korean American entrepreneur Kim Bom-suk, also known as Bom Kim, generates about 90 percent of its revenue in South Korea.

The minister met with U.S. Trade Representative Jamieson Greer on the sidelines of the Davos forum and exchanged views on pending bilateral trade issues.

Yeo said he conveyed to Greer Seoul's position that the investigation does not constitute discriminatory treatment against a U.S. company and should not be elevated into a trade dispute.

"I explained that it is not because Coupang is a U.S. company," Yeo said, adding that authorities would have conducted the same non-discriminatory and transparent investigation if a South Korean firm had experienced a similar data breach.

Yeo also met with Greer and key lawmakers from both the U.S. Senate and House of Representatives during a separate visit to Washington last week to explain Seoul's stance on the Coupang probe and address concerns over South Korea's digital regulatory environment.

Meanwhile two US investors in e-commerce giant Coupang notified the South Korean government of their intent to bring arbitration claims against it over what they called "discriminatory" acts toward the US-listed firm, and requested a US government probe into the matter.

Greenoaks Capital Partners and Altimeter Capital Management took the actions, decrying South Korean authorities' investigations into Coupang following revelations in November about a massive customer data leak, according to documents that their legal representative, Covington & Burling LLP, submitted to the two governments.

The Seoul government, along with experts, has been conducting a probe into the incident, in which about 33.7 million customers are believed to have been affected. Coupang has claimed a perpetrator accessed data from only about 3,000 of the accounts in question.

- IANS

Share this article:

Reader Comments

S
Sarah B
Interesting to see this dynamic. From an Indian perspective, we see similar tensions when global tech giants operate here. National laws on data privacy and consumer protection must be upheld. The US investors' threat of arbitration feels like pressure tactics.
V
Vikram M
The minister's point is valid. If it was a Korean company, they'd investigate too. We need strong data protection laws everywhere. Look at the scale - millions affected! The company's claim of only 3,000 accounts seems questionable. Full transparency is needed.
R
Rohit P
While I agree data breaches should be investigated, one has to ask if the probe is being conducted with the same vigor it would be for a domestic champion. Sometimes there is an unconscious bias. Hope the process is truly fair.
P
Priya S
This is about consumer rights, not nationality. When our data is compromised, we expect action. South Korea is setting a good example by not letting trade discussions bully them out of protecting their citizens. More countries should be this firm.
M
Michael C
Complex situation. The company is US-listed but operates almost entirely in Korea. Investors are naturally protective. However, a data breach of that potential magnitude warrants a serious local investigation. The key is ensuring the process is transparent and by the book.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50