Oil Prices Drop as Strait of Hormuz Shipping Recovers 
OpenAI May Delay IPO to 2027 Amid $1 Trillion Valuation Goal 
Wall Street Ends Mixed as Micron Surges, Apple Drops After Price Hikes 
Nike CFO Shake-Up Fuels Concerns Over Turnaround Strategy 
Bessent Says U.S. Must Strengthen Supply Chains and Economic Security 
Fortescue Faces Class Action Over Sexual Harassment Claims at Australian Mining Sites 
Ryan Cohen Rejects GameStop Pay Package, Prepares New eBay Acquisition Plan 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
South Korea’s KOSPI Jumps Over 5% as Samsung, SK Hynix Rally on Micron Earnings Boost 
South Korea’s KOSPI Plunges as Apple Price Hikes and OpenAI IPO Delay Shake AI Chip Stocks 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
SpaceX Stock Rebounds After Sharp Selloff, But Valuation Concerns Persist 
OpenAI IPO Delay Weighs on SoftBank Shares as AI Valuation Concerns Grow 
Malaysia Central Bank Moves to Support Ringgit Amid Foreign Fund Outflows 
Pelosi Discloses Major Intel and Uber Call Option Purchases Worth Up to $6 Million 
Johns Hopkins University Lays Off 110 Employees as Federal Research Funding Declines 
Asian Markets Rally as Micron and Qualcomm AI Outlook Lifts Global Tech Stocks 
Coupang, an e-commerce firm based in Seoul, South Korea, has filed a lawsuit against a local non-governmental organization (NGO). The company is accusing the civic group of spreading false information on the company's audit report.
As per The Korea Herald, Coupang announced on Tuesday, Aug. 30, that it has taken legal action against the People's Solidarity for Participatory Democracy. The said NGO released a statement claiming the company is illegally supporting its subsidiary called the Coupang Private Label Brands (CPLB) by collecting just 2.55% commission while asking about 31.2% commission from other sellers.
The group explained that the hefty commission also includes the standard brokerage fee and advertising fee. In response to the allegation, Coupang immediately debunked the claims by saying the PSPD has mistaken the 2.55% for a commission when they have clearly specified in the audit report that it is an "outsourcing service fee."
The e-commerce retail giant further asserted that the CPLB and other direct sellers that sell products to Coupang do not pay the brokerage fee. The company added that its commission percentage is actually lower compared to the average amount. Coupang also stressed that the 31.2% fee only applies to about 0.9% of the total cases.
"The NGO is either knowingly or unintentionally distorting facts and this is not the first time," an official of Coupang denies the allegations in a statement. "The NGO has argued Coupang is receiving 31.2 percent commissions from all sellers but it is not true."
The company also clarified, "At the conference, PSPD claimed that Coupang charges sellers a commission fee of around 31.2%, combining a basic fee of four percent to 10.8% with an advertising fee, while we are unfairly supporting our subsidiary CPLB with a low commission of 2.55% and this is not true as well."
Finally, Coupang is determined to hold the People's Solidarity for Participatory Democracy civic group legally accountable for spreading false information about the company, regarding the fee collections in particular. The company firmly said the group misrepresented an audit report of CPLB and declared this as true during a press conference that was held on Tuesday, as per The Korea Times.
