On the afternoon of May 9, 2024, people entered the Kioi Tower at Tokyo Garden Terrace Kioicho, home to Line Yahoo, in Chiyoda-ku, Tokyo, Japan. The previous day, Line Yahoo had announced its departure from Naver, formally requesting that the parent company step down as a co-majority shareholder. (Yonhap)
SEOUL, June 25 (Korea Bizwire) – The head of a labor union of Naver Corp., South Korea’s top internet firm, on Tuesday called for the company not to sell its stake in a joint venture in Japan that operates Line over “political pressure.”
Naver has been under pressure from the Japanese government to “review its capital relationship” in LY Corp., owned by the joint venture with Japan’s SoftBank, over a massive data leak of user information last year.
“If Naver decides to sell the stake only considering the political pressure and short-term management loss, the company will lose its service, people and their passion,” Oh Se-yoon, the union’s head, told a forum at the National Assembly.
“In the end, Naver may lose its future as well, as nobody will make new moves or accept a challenge if the price of working to gain success in the global market is insecurity of the future,” Oh said.
Naver CEO Choi Soo-yeon has said the company has yet to decide its stance on the matter, noting the company will make a decision considering its mid-to-long-term business strategy.
“The Japanese government’s move (regarding Line) is considered an unprecedented, excessive and unfair action considering the gravity of a security incident on a global platform,” Oh said.
Oh also called on the South Korean government to play a more active role to protect the Line service and its technologies, noting some 2,500 employees of Line-related businesses here are suffering anxiousness, discouragement and deep concerns over the situation.
(Yonhap)
