U.S. Investors Demand Action on South Korea's Coupang Controversy

Two major U.S. investors have petitioned the U.S. government and filed arbitration claims against South Korea, accusing it of discriminating against Coupang following a data breach. They allege South Korea's actions are overly punitive and seek U.S. trade remedies. A formal dispute could escalate into a government-level trade issue.

Two prominent U.S. investors in Coupang Inc. have urged the U.S. government to probe what they see as biased actions by South Korea against the e-commerce giant and are seeking trade remedies.

Greenoaks and Altimeter have initiated arbitration claims under the U.S.–Korea Free Trade Agreement, alleging South Korea targeted Coupang after a major data breach, which caused investor losses of billions. The breach exposed data of 33 million customers, prompting severe consequences for Coupang.

The controversy may escalate into a significant trade issue between the two nations, with discussions of punitive tariffs. South Korean officials deny any discriminatory treatment, with the Trade Minister claiming that U.S. officials have misunderstood the situation.

(With inputs from agencies.)