2024-05-10 10:10:25
Regarding the government’s controversy over the sale of shares in Line Yahoo according to the administrative guidance of the Japanese Ministry of Internal Affairs and Communications, including the review of capital relations, on the 10th, “Our government confirmed that there is no expression to sell shares in (Japan’s) administrative guidance, but it is perceived as pressure on our companies to sell shares.” “I express regret for what is happening,” he said.
Kang Do-hyun, Second Vice Minister of Science and ICT, held a briefing at the Seoul Government Complex on this day and said, “The government has a firm stance to ensure that our companies, including Naver, do not suffer any unreasonable disposition related to overseas business and investment.”
Vice Minister Kang said, “We will respond resolutely and strongly to discriminatory measures against our companies and unfair measures against our companies’ will,” and added, “If Naver maintains its stake and business in Line Yahoo, appropriate measures to strengthen information security will be taken.” “We will provide support to make it happen,” he said.
Explaining the progress of this incident, Vice Minister Kang said, “The government confirmed that the Japanese government’s two administrative guidance for Line Yahoo included content that went beyond security reinforcement measures following the personal information leak incident.” “We respected Naver’s position and were waiting for Naver to make a decision based on its mid- to long-term business strategy,” he said.
He continued, “The shares of A Holdings, the holding company of Line Yahoo, are 50:50 between Naver and Softbank, and considering the composition of the board of directors, Line Yahoo’s management rights have already been under the control of Softbank since 2019.” “As we are having difficulty incorporating our technology and know-how into Line Yahoo, we have been reviewing various alternatives, including selling our shares, from a mid- to long-term business perspective,” he explained.
Vice Minister Kang said, “The government has been frequently discussing the facts and response plans with Naver in person and over the phone since immediately after the security breach of Naver Cloud was reported to the Ministry of Science and ICT in November 2023.” He added, “On the 26th of last month, we contacted our company. “With the firm position that there should be no discriminatory measures against Japan, we met with the Japanese Ministry of Internal Affairs and Communications through the Korean Embassy in Japan, and have since confirmed the exact position of the Japanese government through diplomatic channels.” At the same time, he said, “We have been communicating with Naver on the 29th of last month, including sharing Japan’s confirmed position through a meeting with Naver to determine the direction of response.”
However, Japan’s position is that it did not request a review from the point of view of management rights. According to the Mainichi Shimbun on this day, Japanese Minister of Internal Affairs and Communications Takeaki Matsumoto (松本剛明) was asked at a press conference about Korea’s position on Korea’s opposition to the review of capital relations. He explained, “We are asking to speed up the essential reexamination, but we are not requesting a reexamination of capital from the point of view of management rights.”
Meanwhile, Naver made an official statement on this day, saying, “We are continuously considering and reviewing strategic considerations regarding the use and investment of company resources to increase the company’s future growth potential and maximize shareholder value.” “We are opening up all possibilities, including the sale of shares, and are discussing in good faith with SoftBank to create a .” He continued, “We also express our apologies to Line Yahoo users for the security breach incident,” and added, “We will do our best together with Line Yahoo and Softbank to provide a more secure service.” He added, “We ask for your understanding for not being able to disclose details until a conclusion is made.”
Reporter Lee Ye-ji of Donga.com [email protected]
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2024-05-10 10:10:25