Pedestrians walk by a Coupang delivery van in Seoul. (Yonhap) Coupang Inc. said Friday it is not involved in a petition filed by two US investment firms seeking an investigation by the US government over what they allege is discriminatory treatment of the US-listed e-commerce company by the South Korean government.
Greenoaks Capital Partners and Altimeter Capital Management filed the petition, criticizing South Korean authorities’ investigations into Coupang following revelations in November of a large-scale customer data breach, according to documents submitted by their legal representative, Covington & Burling LLP, to both governments.
In a document sent to the Office of the US Trade Representative, the two firms requested that Washington investigate what they described as “unreasonable” and “discriminatory” actions by the South Korean government against Coupang and impose “appropriate” trade remedies, citing Section 301 of the Trade Act of 1974.
The firms also submitted a notice of intent to initiate Investor-State Dispute Settlement arbitration proceedings against the Seoul government. Coupang said it has no involvement in the submission.
South Korean authorities, along with experts, have been conducting a probe into the incident, which is believed to have affected about 33.7 million customers. Coupang has said the perpetrator accessed data from only about 3,000 customer accounts.
Coupang, founded by Korean American entrepreneur Kim Bom-suk, also known as Bom Kim, generates about 90 percent of its revenue in South Korea. (Yonhap)