A South Korean court on Tuesday suspended a Fair Trade Commission (FTC) decision to designate Kim Bom, the founder of U.S.-listed e-commerce firm Coupang, as the group’s controlling entity.
Background
The Seoul High Court granted an injunction sought by Coupang and Kim, suspending the designation pending a ruling in the main lawsuit, according to a court filing. The court said it granted the request due to “an urgent need to prevent irreparable harm” to the applicants from the change in designation.
In April, the FTC designated Kim, a Korean-American, as the group’s controlling person, replacing Coupang as the group’s “same person” under South Korean fair trade law and subjecting the company to additional disclosure and governance requirements.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
