[Editorial] Coupang’s founder can’t disguise from the general public without end

Thursday marked day three of the police’s raid on the headquarters of Korean e-commerce large Coupang following a leak of the non-public info of round 33.7 million clients. The day earlier than, civic teams utilized for collective dispute mediation on behalf of over 600 victims of the leak.

Along with the leak of non-public info, Coupang has habitually exploited its market dominance to push by unfair offers and is usually accused of downplaying or overlaying up office accidents. Coupang Inc. chairman Kim Bom-suk (referred to as Kim Bom within the US), the particular person with the last word authority for choices at Coupang, must take full accountability for the leak and pledge actually transformative reform measures.

The Nationwide Meeting’s Science, ICT, Broadcasting and Communications Committee will maintain a listening to on the non-public info leak at Coupang on Wednesday, Dec. 17. Kim is one among six individuals at Coupang who’ve been requested to testify in the course of the listening to. However so far, it’s extensively anticipated that Kim is not going to attend.

Because the founding father of Coupang, Kim holds 74.3% of voting rights at mum or dad firm Coupang Inc. (which has a 100% stake in Coupang Corp. in Korea). Meaning Kim workout routines efficient management over the net retailer. However, Kim has remained silent, with out even commenting on this unprecedented leak of non-public info.

Even Coupang Korea CEO Park Dae-jun, who had promised to take full accountability for seeing this concern by, abruptly stepped down on Wednesday. Harold Rogers, chief administrative officer and normal counsel for Coupang Inc., is meant to take over as interim CEO and cope with the fallout in his place.

Whereas Coupang stated the task of the manager from headquarters is an aggressive response to the state of affairs, it’s laborious to not suspect that Coupang Inc. is deploying its normal counsel to reduce its authorized legal responsibility.

It’s time for Kim Bom-suk to cease cowering behind these figurehead CEOs and to face the Korean public. Whereas Koreans had been shocked by the huge leak of personal info, Coupang’s perspective has infuriated them. On high of its foot-dragging, Coupang sought to duck accountability by arguing that an simple leak of personal info had solely been “publicity.”

Most intolerably, the particular person with the precise accountability for administration nonetheless refuses to talk. If not Kim, who precisely is meant to clarify what safety vulnerabilities had been behind the leak or what steps shall be taken to forestall one other leak from occurring?

In an financial briefing by the related ministries on Thursday, Korean President Lee Jae Myung spoke of the necessity to enhance not simply prison punishment for company lawbreaking, but in addition monetary sanctions. Lee singled out Coupang for criticism, remarking that the executives there have been most likely not afraid of punishment.

The one solution to forestall one other leak on this scale is to make significant systemic adjustments, corresponding to giving actual tooth to the system of punitive damages.

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