Possibility of designation of the same person as Chairman of the Coupang Board of Directors, Kim Beom-seok, of American nationality increases
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(Sejong = Yonhap News) Reporter Cha Ji-yeon = The Fair Trade Commission is pushing to amend the Enforcement Decree of the Fair Trade Act so that foreigners can also be designated as heads of large conglomerates (same person).
According to the Fair Trade Commission on the 24th, the Fair Trade Commission plans to announce a legislative notice of amendments to the Enforcement Decree of the Fair Trade Act, including measures to improve the same person-related system, within the next month.
The Fair Trade Commission is expected to revise the standard for designation of the same person to designate Korean-Americans with foreign nationality as the same person.
The same person is the de facto manager of the company and is responsible for all responsibilities related to the data designated by the conglomerate group.
The Fair Trade Commission designated Coupang as a conglomerate last year, but at that time, Coupang Chairman Kim Beom-seok, an American national, did not designate Coupang as the same person.
The FTC announced that it would promote system improvement, saying that it made this decision considering that there was no case of designating a foreigner as the same person, and that it would be difficult to impose criminal sanctions even if a foreigner was designated as the head of state.
The FTC decided to revise the enforcement ordinance this time following conducting research services. Accordingly, there is a high possibility that Kim Beom-seok, chairman of Coupang Inc., a US listed corporation that holds 100% of Coupang in Korea, will be designated as the same person in Coupang.
The FTC will also include a plan to reduce the scope of the same person’s relatives subject to regulation from 6th degree to 4th degree for blood relatives and from 4th degree to 3rd degree for relatives, respectively.
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2022/07/24 19:10 Send
