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Coupang Executives Sell Shares After Data Breach Coupang executives sold shares post-breach; President Lee Jae-myung seeks responsibility Amid growing
Amid growing calls for accountability against Kim Bom-suk, 47, chairman of Coupang Inc., over the data breach affecting 33.7 million individuals, it has been confirmed that key Coupang executives sold billions of won worth of company stock. The timing of these sales—immediately after the incident—is expected to spark significant controversy.
According to a U.S. Securities and Exchange Commission (SEC) filing on the 2nd (local time), Gaurav Anand, Coupang’s chief financial officer (CFO), reported selling 75,350 Coupang Inc. shares at approximately $29 per share on the 10th of last month. The sale amounted to around $2.186 million (approximately 3.2 billion Korean won). Additionally, former Vice President Pranam Kolari sold 27,388 Coupang shares on the 17th of last month, with the transaction valued at $772,000 (approximately 1.13 billion Korean won). Kolari, who oversaw search and recommendation technologies, resigned on the 14th of last month. However, the SEC confirmed he had notified the company of his resignation on October 15th, prior to the incident.
According to a breach incident report submitted to the Korea Internet & Security Agency (KISA) and obtained by the office of Science, ICT, Broadcasting, and Communications Committee Chairman Representative Choi Min-hee, Coupang reported unauthorized access to its account information at 6:38 p.m. on the 6th of last month. This predates the executives’ stock sales. However, the company recorded the time of awareness as 10:52 p.m. on the 18th of last month. While the sales occurred before the company publicly acknowledged the breach, the transactions took place after the incident itself, making controversy inevitable.
Domestically, criticism has emerged holding Chairman Kim ultimately responsible for the incident. President Lee Jae-myung also stated during a Cabinet meeting on the 2nd, “Coupang has caused significant public concern. The cause of the accident must be identified swiftly, and responsibility must be held strictly,” while instructing measures such as strengthening penalties and implementing a punitive damages system.
