Yonhap | 22 January 2026

Coupang’s US investors notify S. Korea of plan to seek international arbitration: ministry

by Woo Jae-yeon

SEOUL, Jan. 22 (Yonhap) — The Ministry of Justice said Thursday that Coupang’s U.S. investors filed a notice of intent to pursue an Investor-State Dispute Settlement (ISDS) claim against the South Korean government.

The two investors — Greenoaks and Altimeter — took issue with Seoul’s response to the e-commerce giant’s data breach late last year, claiming that it violated obligations under the Korea-U.S. FTA regarding fair and equitable treatment.

A formal arbitration process may be initiated 90 days after the submission of the notice of intent.

The ministry said it would "actively respond" by forming a response team with relevant agencies and conducting a thorough legal review.

Earlier in the day, Reuters reported that the two U.S. investors had asked Washington to investigate Seoul’s handling of the case.

According to the report, the two asked Washington to investigate the South Korean government for what they called "discriminatory treatment of the e-commerce company."

The two have also filed arbitration claims against South Korea under the U.S.-Korea Free Trade Agreement, blaming Seoul for launching a campaign against U.S.-listed Coupang following the data breach in November that has caused billions of dollars in losses for investors, the report said.

The investors "have asked the U.S. Trade Representative (USTR) to investigate South Korea’s actions and impose ’appropriate trade remedies, potentially including tariffs and other sanctions,’ arguing that the response to the breach has gone far beyond normal regulatory enforcement," according to the report.

Coupang has been under investigation by Korean authorities over a leak of personal information affecting about 34 million customers.

The company, founded by Korean American entrepreneur Kim Bom-suk, also known as Bom Kim, generates about 90 percent of its sales in South Korea.

On Sunday, Cheong Wa Dae said the ongoing probe into Coupang should not be interpreted as part of a broader trade issue with the United States as the case involves an "unprecedented" scale of personal data leakage, and that the investigations are "in line with applicable laws.