Greenoaks and Altimeter Sue ROK Government to Protect Coupang

Greenoaks, along with Altimeter, filed two distinct actions to defend U.S. businesses and investors from what they claim are discriminatory acts and unfair trade practices by the Government of the Republic of Korea, or ROK. The actions follow sustained ROK Government interference in the Korean business operations of Coupang. The ROK Government's actions against Coupang appear designed to target, disable, and destroy an innovative American competitor to the apparent benefit of domestic and Chinese companies in the Korean market. In response, the U.S. Investors have served formal notice of their intent to file arbitration claims against the ROK Government under the U.S.-Korea Free Trade Agreement, or KORUS, which protects U.S. investors and companies against discriminatory acts and unfair trade practices. Separately, the U.S. Investors have petitioned the U.S. Trade Representative to investigate the ROK Government's unreasonable and discriminatory conduct under Section 301 of the Trade Act of 1974 and impose appropriate trade remedies. The investors claims that a multi-year pattern of selective government enforcement and escalating regulatory pressure singling out Coupang, marked by extraordinary investigations, audits, and on-site inspections that appear to far exceed the regulatory scrutiny imposed on domestic Korean and Chinese competitors. "False and defamatory claims" were made by the ruling Democratic Party of Korea, the DPK, administration about Coupang's limited and contained 2025 data incident. In the weeks following disclosure of the data incident, the DPK administration mounted a sweeping, multiagency campaign against Coupang. Senior DPK officials have publicly called for penalties and sanctions explicitly designed to force Coupang out of business. The DPK administration has also referred several Coupang executives for criminal prosecution. Billions of dollars in lost market capitalization as a result of the DPK administration's targeted and hostile interference followed the data incident.