South Korea stresses need for fair treatment for Line chat app operator Naver [Financial Post (Toronto, Ontario, Canada)]
SOFTBANK GRP UNSP/ADR (SFTBY)
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Source: Financial Post
SEOUL, South Korea (AP) — South Korea vowed Friday to protect its companies operating in other markets after Japanese regulators told LY Corp., which runs the popular chat app Line, to reduce its dependence on Naver, the Korean partner in the venture. Friction over Naver's 50% stake in LY, a venture with Japan's SoftBank, surfaced after a major security breach at Naver's cloud computing servers last year. The Japanese side instructed LY to improve its governance and rely less on Naver after the leak of more than 300,000 records, including information of Line users. Article content Article content Some Korean politicians have accused Japan of pressuring Naver to reduce its stake in LY, demanding that President Yoon Suk Yeol's government adopt a stern stance toward Tokyo. A senior Korean technology ministry official spoke with reporters Friday after Naver confirmed it was discussing with SoftBank “all possibilities,” including selling its shares in LY Corp. On Wednesday, LY
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