US intervention sought in Coupang breach probe

Altimeter Capital Management and Greenoaks Capital Partners, U.S.-based investors of major South Korean e-commerce firm Coupang, have informed the South Korean government of their plan to file arbitration claims and requested a U.S. investigation into what they called "discriminatory" actions against the company, according to The Korea Herald.

The investors, whose stakes in Coupang exceed $1.5 billion, criticized Seoul's response to a November data breach affecting roughly 33.7 million customers, saying the governments scrutiny "far exceed[s]" that imposed on Korean and Chinese rivals. In filings with President Lee Jae Myung, Deputy Minister Chung Hong-sik, and the U.S. Trade Representative, they alleged hundreds of audits, inspections, and penalties against Coupang were intended to protect competitors, calling the breach "limited and constrained" while accusing officials of "false and defamatory" statements.

They said the interventions caused billions in lost market value, directly harming U.S. shareholders. South Korea's Cheong Wa Dae emphasized that the investigation is legally grounded and unrelated to broader U.S.-Korea trade issues.