Coupang CEO's No-Show Sparks Outrage Amid Massive Data Breach Scandal

Coupang's CEO Bom Kim failed to attend a parliamentary hearing addressing a significant data breach affecting 33 million users, sparking criticism. Lawmakers are considering increased corporate penalties, potentially impacting Coupang financially. The situation has drawn comparisons to other tech executives' congressional appearances and has worried investors.

This Wednesday, Bom Kim, the CEO and Chairman of South Korea's e-commerce leader Coupang, missed a critical parliamentary hearing focused on a large-scale data breach that compromised the personal information of over 33 million users. His absence has ignited criticism among South Korean lawmakers who have resolved to hold him accountable for the leak.

Bom Kim cited his commitments as a global company executive and his overseas residence as reasons for his non-attendance, a move lawmakers like Choi Hyung-du found unconvincing. Choi argued that other major tech leaders have been compelled to appear before Congress, implying that Kim's refusal discredits public accountability and investor trust.

The breach, originating on June 24 via overseas servers, had gone unnoticed by Coupang until November 18. As the company's shares dropped by 17% post-announcement, and with potential fines exceeding 1 trillion won looming, the incident has triggered calls for stricter corporate negligence penalties, including from President Lee Jae Myung.

(With inputs from agencies.)