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Yesterday, we reported on the circumstances in which Coupang began lobbying the White House and others with the intention of helping American agricultural and livestock products enter Korea. However, prior to full-scale lobbying, it was further confirmed that Coupang reported that it was no longer controlled by its major shareholder, Japanese capital. After erasing traces of Japanese origin, there is criticism that Coupang, an American company, may have attempted to lobby the U.S. government by claiming that it was under pressure from the Korean government.
This is an exclusive report from Washington correspondent Jeong Kang-hyeon.
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This is Coupang’s lobbying report for the first and second quarters of this year obtained by JTBC.
In the first quarter, SoftBank, the largest shareholder, was reported as a ‘foreign corporation with control’, but in the second quarter, just before the White House lobbying, it took advantage of the slight change in the shareholding ratio to list it as a ‘foreign corporation that is no longer owned or controlled.’
Softbank, a Japanese investment company, is still the largest shareholder with a 17% stake.
Based on the special structure in which Chairman Kim Beom-seok maintains management rights with differential voting rights, the Japanese influence is diluted on paper.
Immediately thereafter, in the third quarter, Coupang began lobbying the White House, NSC, and Congress, citing ‘American security and national interests’.
The influence of major Japanese shareholders can give the impression that it is not an American company, so this can be interpreted as a measure to resolve this issue in advance.
This is in front of Coupang’s Washington office.
Based here, just a five-minute drive from the White House, extensive lobbying against the Trump administration took place.
‘Drawing a line’ against Japanese major shareholders may create the image in the US political circles that Coupang is a ‘purely American company’, which in turn could lead to the frame that “Korea is putting pressure on American companies.”
In fact, in the Washington lobbying industry, a public opinion war is in full swing over whether “Coupang is being treated unfairly by the Korean government.”
There are even claims that the U.S. Trade Representative’s recent postponement of the Korea-U.S. FTA joint committee meeting was a warning measure in response to the Korean National Assembly’s push for Coupang during the hearing.
However, an official familiar with the matter said, “The postponement of the joint committee and Coupang’s information leak are unrelated.”
Coupang has grown into the ‘wallet’ of Korean consumers, and has avoided various regulations in Korea by claiming that it is a ‘foreign company’ with a Japanese investment company as its majority shareholder.
[김범석/쿠팡 최고경영자 : (쿠팡은) 한국 최대 이커머스 플랫폼이고, 세계 최대 물류 시스템을 갖췄습니다.]
On the other hand, in the United States, criticism is growing that the company is erasing any traces of its ‘Japanese majority shareholder’ and emphasizing that it is a ‘purely American company’, and is instead looking for a ‘justice’ to put pressure on Korea.
[영상취재 문진욱 영상편집 홍여울 영상디자인 곽세미]
Is Coupang attempting to influence U.S. policy by downplaying its Japanese ownership? That’s the question swirling around the South Korean e-commerce giant as it lobbies Washington, D.C.
Lobbying Amidst Ownership Shifts
Coupang began lobbying the White House and other officials to help facilitate the entry of American agricultural and livestock products into Korea. However, a recent report reveals a strategic shift in how the company presented its ownership structure just before initiating this lobbying effort.
According to lobbying reports obtained, SoftBank, still holding a 17% stake, was initially identified as a ‘foreign corporation with control’ in the first quarter of this year. But in the second quarter, ahead of the White House outreach, Coupang reclassified SoftBank as a ‘foreign corporation that is no longer owned or controlled.’ This change, achieved through a slight adjustment in shareholding ratios and the company’s unique voting rights structure led by Chairman Kim Beom-seok, effectively diluted the appearance of Japanese influence.
A Delicate Dance with U.S. Interests
The timing of this reclassification raises eyebrows. Coupang’s lobbying efforts centered on “American security and national interests,” suggesting a calculated move to position itself as a purely American entity. Some observers believe this was a preemptive effort to counter perceptions of Japanese influence, potentially framing the situation as the Korean government pressuring an American company.
Did you know? Coupang has historically leveraged its “foreign company” status—with a Japanese shareholder—to navigate regulations in South Korea.
The lobbying isn’t happening in a vacuum. A public debate is unfolding in Washington over whether Coupang is receiving unfair treatment from the Korean government. There are even suggestions that the recent postponement of a Korea-U.S. FTA joint committee meeting could be a response to pressure from the Korean National Assembly regarding Coupang.
However, an official familiar with the situation dismissed any connection between the meeting’s postponement and information leaks surrounding Coupang. The company, now a dominant force in the Korean consumer market, continues to emphasize its position as a major e-commerce platform and logistics provider, as stated by CEO Kim Beom-seok: “(Coupang) is Korea’s largest e-commerce platform and has the world’s largest logistics system.”
The question remains: is Coupang’s lobbying strategy a legitimate effort to foster trade, or a carefully orchestrated attempt to reshape its image in Washington?
