South Korea to consult Naver to divest stake

FILE PHOTO: A general view of the Naver sign on its office building in Seongnam, South Korea, May 13, 2022. REUTERS/ Heo Ran/File Photo

SEOUL: South Korea says it will consult with Naver, after media reported that the domestic Internet company was under pressure from Japan to divest from a venture, adding that its companies should not face discrimination.

The South Korean foreign ministry was asked to respond to a Kyodo news agency report earlier this week that Japan’s SoftBank Group was in talks to buy shares of LY Corp from Naver after administrative guidance from Japan’s internal affairs and communications ministry over a data leak last year.