Coupang dispute raises stakes in Korea's $350 bil. US investment talks
Korean regulators’ hardline stance toward Coupang is complicating Seoul’s talks with Washington over the next stages of its planned $350 billion investment in the United States. The latest development came Wednesday when the Seoul High Court rejected Coupang’s request to suspend the effect of a Fair Trade Commission (FTC) decision ordering an on-site inspection of the U.S.-headquartered…
Korean regulators' strict stance towards Coupang is complicating Seoul's discussions with Washington regarding the subsequent phases of a projected $350 billion investment in the United States. On Wednesday, the Seoul High Court declined Coupang's appeal to halt the enforcement of a Fair Trade Commission (FTC) order mandating a site examination of the U.S.-based e-commerce company's alleged infringements of a local fair transaction statute.
Coupang declined to cooperate with the probe, contending that the FTC had not provided adequate notice. The court's decision permits the FTC to continue with the investigation. FTC Chairman Ju Biung-ghi has pledged to reassess the agency's internal regulations to address what he perceives as loopholes enabling companies to delay or circumvent investigations via court injunctions.
He has also dismissed U.S. criticisms alleging the regulator discriminates against American firms, asserting that the FTC will persist in enforcing Korean law irrespective of nationality. The dispute is particularly delicate, as Korea and the U.S. strive to finalize the terms of their substantial economic collaboration.
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