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SoftBank chairman’s investment reflects trust in Coupang CEO

SoftBank chairman’s investment reflects trust in Coupang CEO

Posted December. 03, 2018 08:11,   

Updated December. 03, 2018 08:11


“SoftBank Chairman Masayoshi Son’s investment reflects his trust in Coupang CEO Kim Beom-seok," is what Coupang Executive Vice President Navid Veiseh (45) had to say solemnly when this reporter met him at Coupang headquarters in Seoul’s Songpa district on Friday. Veiseh made the remarks when he was asked “There are rumors that with the additional investment Chairman Son will take over managerial control over the long term, and CEO Kim will resign.” This reporter felt a sense of conviction from Veiseh’s facial expression‎ while he was giving the interview with a cheerful look. “It is unimaginable (that CEO Kim will resign),” ruling out the chance.

Vision Fund, which Softbank raised recently in collaboration with Saudi Arabia’s sovereign investment fund, invested 2 billion U.S. dollars in Coupang, Korea's largest e-commerce player. It happened at a time when concern was rising over Coupang’s mounting debt that had accumulated since 2014. With Son’s investment, analysts say that rumors about Coupang’s crisis have significantly disappeared.

Seong-Ho Hwang hsh0330@donga.com