A delivery vehicle from a Coupang logistics center in Seoul (Yonhap)
SEOUL, Dec. 29 (Korea Bizwire) — Customs authorities on Monday launched an investigation into Coupang Inc.’s domestic unit to examine foreign exchange transactions with its U.S.-based headquarters, government sources said.
The Korea Customs Service dispatched an investigative team to the e-commerce giant’s office in Seoul earlier in the day, the sources said.
The probe will focus on money flows and foreign exchange transactions between Coupang’s U.S. headquarters and its South Korean unit, they said.
The authorities will also look into whether sales and profits generated in the country were properly handled and whether payments between the two entities were conducted appropriately.
The investigation comes amid heightened scrutiny of Coupang’s business practices following a disclosure last month that the personal information of 33.7 million customers had been compromised.
Earlier on Monday, Coupang announced a compensation plan worth more than 1.68 trillion won (US$1.17 billion), under which 50,000 won worth of discounts and coupons will be provided to each of the affected customers.
(Yonhap)
