South Korea’s leading retail executives are poised to face parliamentary scrutiny as the National Assembly launches its first round of annual audits under President Lee Jae Myung’s administration.
Among the more than 20 industry leaders summoned, the spotlight is set to fall on e-commerce titan Coupang, which will have four of its executives appear before five separate committees.
Coupang CEO Park Dae-jun is scheduled to testify Tuesday before the Trade, Industry, Energy, SMEs and Startups Committee, where lawmakers will probe the fairness of the company’s business practices, including its commission deduction structure between platform operators and sellers, as well as its advertising operations.
Also summoned are the chief executives of Baemin operator Woowa Brothers, online fashion platform Musinsa and household goods retailer Asung Daiso, all of whom will face questioning over alleged unfair trade practices.
According to industry sources on Friday, the Political Affairs Committee had initially summoned Coupang Chair Bom Kim to testify on matters related to the company’s overseas operations and streaming service pricing. However, Kim submitted a statement of nonattendance, citing a prescheduled overseas business trip.
The committee is reportedly considering summoning both Chair Kim and CEO Park again for a comprehensive audit session later in October.
Other Coupang executives set to appear include Joo Sung-won, head of commerce strategy, who will address misleading ads; Jeong Jong-chul, CEO of Coupang Fulfillment Services, who will speak on temporary labor reforms; and Kim Myung-gyu, CEO of Coupang Eats, who will be questioned on unfair platform practices.
During Tuesday’s audit of the Fair Trade Commission, the Political Affairs Committee will question Kim Kwang-il, vice chairman of MBK Partners, and Joh Ju-yun, co-CEO of Homeplus, over allegations of fraudulent practices by MBK during its acquisition and management of the retailer.
In a separate hearing on Oct. 30, the Environment and Labor Committee is set to question MBK Partners Chair Michael Byung-ju Kim over labor practices tied to the Homeplus merger and restructuring.
Other high-profile testimonies include Shinsegae Group Chair Chung Yong-jin, on Oct. 24, over consumer data protection in a joint venture between Gmarket and AliExpress, and SPC CEO Do Se-ho, on Oct. 15, over a fatal industrial accident at one of the company’s factories.
Celebrity entrepreneur Paik Jong-won, CEO of TheBorn Korea, is scheduled to appear before the Public Administration and Security Committee on Oct. 30 over alleged misconduct in festival sponsorships and other legal violations.
minmin@heraldcorp.com
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