Coupang Executives Sold Shares Worth Tens of Billions of Won After Data Breach Occurred

Current CFO Sold Shares Worth 3 Billion Won Last Month
Former Technology VP Also Sold Shares After Resignation

It has been confirmed that key executives at Coupang sold tens of billions of won worth of Coupang shares after a large-scale personal information leak occurred.

According to a disclosure by the U.S. Securities and Exchange Commission (SEC) on the 2nd (local time), Coupang Chief Financial Officer Gaurav Anand reported that on the 10th of last month, he sold 75,350 shares of Coupang Inc at $29.0195 per share. The total sale amounted to approximately $2,186,000.

Pranam Kolari, former Vice President, also reported that he sold 27,388 Coupang shares on the 17th of last month, with the reported sale value being $772,000. Kolari, who oversaw the search and recommendation division as a key technology executive, resigned on the 14th of last month.

The timing of the Coupang share sales by CFO Anand and former Vice President Kolari was before Coupang publicly acknowledged the occurrence of the personal information leak. Although these transactions took place before the company disclosed its awareness of the breach, concerns have been raised that the disposal of shares by current and former key executives at such a sensitive time could lead to future controversy over insider trading.

On the 29th of last month, Coupang announced that information from approximately 33.7 million customer accounts had been leaked, including names, emails, phone numbers, addresses, and some order information. Prior to this, on the 18th of last month, Coupang had reported to the relevant authorities for the first time that a breach had occurred involving the personal information of about 4,500 customers.

This content was produced with the assistance of AI translation services.