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In August 2017, Lee Hae-jin, Naver’s founder and global investment officer, met in person with Kim Sang-jo, the then chairman of Korea Fair Trade Commission (KFTC), to ask not to designate him as a de facto owner of the internet giant and its affiliates under the country’s fair trade rules, arguing that his control of the company was insignificant. But his request was turned down even after Lee had cut his stake to 3.7%.

Coupang has become subject to the same rules as the value of its assets rose significantly after its stock market debut in New York last month. However, unlike Lee, Bom Kim, the founder and chief executive officer of the online retailer, is likely to avoid such designation despite his 76.7% control of the company – thanks to his American nationality.

The KFTC annually renews its watch list of conglomerates whose group of businesses are worth more than a certain threshold in fair value. Those included in the list become subject to scrutiny by the watchdog.

The purpose of the rules is to prevent the so-called chaebol – or a founder and his/her family members who run a conglomerate – from having too much financial power. The regulator designates either a person or a company that in effect controls the conglomerate’s businesses for stricter monitoring.

There have been nine conglomerates so far whose de facto owners were deemed by the KFTC to be a company, not a person. They include privatized enterprises such as KT Corporation, POSCO and KT&G, as well as big companies whose largest shareholders are state-controlled institutions.

The regulator has also been designating a company, rather than a person, as a de facto owner for conglomerates whose controlling shareholders are foreigners over concerns about economic sovereignty. This was the case for S-Oil and GM Korea, and will likely be the case for Coupang too.

Bom Kim owns 10.2% of Coupang but has more than three quarters of voting power thanks to his Class B shares, which carry 29 votes per share. In contrast, Lee controls less than 4% of Naver, and the company’s ownership structure is relatively fragmented, with the National Pension Service and BlackRock among its major shareholders.

If conglomerates in the watch list violate the regulations, the KFTC takes action against their de facto owners. When Naver omitted documents related to some of its affiliates from the filing last year, the regulator filed charges against Lee arguing that he did not disclose the information deliberately.

Any businesses owned by families and close relatives of de facto owners of conglomerates are also put under stricter rules. Three firms owned by Lee’s cousins had been required to publicly disclose their financial information even though they had no business relationship with Naver. Now they have been exempted from such requirements. (Reporting by Choong-hee Won)