Consignment management must function properly
Naver is both the consignee and a joint major shareholder
On the 15th, the Japanese government emphasized that the management of Naver, the entrusted party in the capital relationship of Line Yahoo, must be conducted appropriately.
At a press conference that day, Yoshimasa Hayashi, Chief Cabinet Secretary of the Japanese government, stated regarding the administrative guidance issued to Line Yahoo for the review of capital relations, "It is important that the 'management of the entrusted party' functions properly." Here, the entrusted party refers to Naver, which has been entrusted with tasks by Line Yahoo.
When asked whether the perspective of economic security was considered during the administrative guidance and why a review of the capital relationship was necessary, Chief Cabinet Secretary Hayashi said, "The content of the administrative guidance requested measures such as strengthening safety management and reconsidering security governance." He added, "There can be various approaches to reviewing security governance," and responded, "In any case, it is important that the management of the entrusted party functions properly."
The Ministry of Internal Affairs and Communications, which issued the administrative guidance, has shown the perception that Line Yahoo is not properly managed and supervised because Naver, which is entrusted with the work, is a joint major shareholder along with SoftBank.
Regarding the Korean government's stance that it will firmly respond to unfair measures against Naver's intentions, Chief Cabinet Secretary Hayashi said, "We have already conveyed the Japanese government's thoughts to the Korean government," and added, "We intend to continue to explain politely to the Korean government."
On the negative public opinion in Korean society, he replied, "I will refrain from commenting."
Earlier, in November last year, when Naver Cloud was infected with malware due to a cyberattack, resulting in a personal information leak at Line Yahoo, which shared some internal systems, the Japanese Ministry of Internal Affairs and Communications conducted administrative guidance twice on March 5 and April 16 this year to protect communication secrecy and ensure cybersecurity. Subsequently, they demanded improvements in the management system of Line Yahoo, including a review of the capital relationship.
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