Lee Okwon, Chairman of the Financial Services Commission, stated on December 31 that regarding the controversy over JP Morgan's report defending Coupang, "If it was written for the purpose of agitation and influenced the market, it could undermine fairness."
Chairman Lee made this remark at the National Assembly during the second consecutive day of the 'Second Joint Hearing on the Coupang Incident,' in response to a question from Kim Wooyoung, a member of the Democratic Party of Korea, who asked, "Isn't JP Morgan's report a clear act of market manipulation?"
In its recent report, JP Morgan stated, "Coupang enjoys a market position without competitors, and Korean customers appear less sensitive to data breaches," adding, "Potential customer churn is expected to be limited."
Assemblyman Kim emphasized, "JP Morgan was the lead underwriter for Coupang's listing on the New York Stock Exchange and is also the sixth largest shareholder of Coupang," highlighting that "there is a very high possibility of a special relationship or conflict of interest."
In response, Chairman Lee also stated, "If the analysis report was written with intent or bias, it is problematic."
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