Overview
- Greenoaks and Altimeter submitted notices of intent for investor–state arbitration under KORUS and petitioned the USTR for a Section 301 investigation into alleged discriminatory treatment of Coupang.
- The treaty notice triggers a 90-day consultation period before arbitration can proceed, while the USTR has up to 45 days to decide whether to open a formal probe that could lead to potential trade remedies.
- The investors allege a whole-of-government campaign against Coupang after a November 2025 data breach, citing raids, extensive audits, blocked deals, and pressure on the national pension fund to divest.
- South Korean officials reject the claims, with the prime minister stating there is no discrimination and the trade minister urging that the Coupang inquiry be treated as a lawful, non-discriminatory investigation separate from broader trade issues.
- Coupang said it is not involved in the investors’ petition, civic groups in Seoul condemned the move as an attack on sovereignty, and Coupang’s U.S.-listed shares have fallen about 25–27% since the breach disclosure.