“보고서엔 라인 지분 매각 빠져”…일본의 반격과 우리 대응은? [뉴스in뉴스] / KBS 2024.05.17.

The so-called "Naver Line crisis" is entering a prolonged phase. While the Naver labor union and civic groups are calling for opposition to the sale, the Presidential Office is also mentioning the "possibility that the stake will not be sold." On the other hand, Japan is showing a sensitive reaction, repeatedly mentioning "capital relations" while claiming that "it is not a matter of management rights." We will examine what Japan's ulterior motives are and how this crisis should be resolved with reporter Park Dae-gi. Could you summarize the timeline of what has happened over the past week? [Reporter] In the early stages of this crisis, the government stood back, and there was much criticism that the government should step forward more actively. The situation changed last week when the Japanese executive of Line Yahoo publicly mentioned a plan to purchase Naver shares. At the same time, Shin Jung-ho, the "father of Line" and the only Korean director, was removed from the board. There was widespread public opinion that this had crossed the line, but the very next day, last Friday, our Vice Minister of Science and ICT stated for the first time that he "regretted the pressure to sell the stake." Following this, Japan's Minister of Internal Affairs and Communications also backed down slightly, stating, "This is not a matter of management control." However, he appears to still harbor some lingering hope, repeatedly mentioning a "re-examination of capital relations." The controversy then revolved around whether negotiations to sell Naver's stake in Line should begin immediately. Regarding this, an official from the Presidential Office explained that "the details of Naver's stake sale will not be included in the report Line Yahoo submits to the Japanese government by July 1." The immediate fire has been averted for now. However, the attempt to seize Line is not over. [Anchor] What is the Japanese government's exact position? Are they saying that Line does not need to be sold, or that it must be sold? [Reporter] Although they did not explicitly state that a sale is required, that is how it is ultimately interpreted. In particular, the original text of the administrative guidance document sent by the Japanese government explicitly states, "There is a need to establish a system, including a re-examination of the relationship in which it is significantly under capital control by the trustee (Naver)." The instruction to review capital relations is being interpreted as a demand for Naver, a major shareholder of Line, to divest its stake. [Anchor] If Naver refuses to sell its stake, how will Japan react? [Reporter] Administrative guidance does not have legal binding force. However, if they do not comply with the Japanese government's position, it is highly likely that the Japanese government will make things difficult for Naver or Line in various ways while they conduct business in Japan. [Anchor] Instead of selling its stake in Line, what measures will Naver propose? The Japanese government is demanding that Naver present countermeasures regarding data leakage incidents, isn't it? [Reporter] If Naver does not sell its stake, it is possible to transfer the technical maintenance work for Line, which it has been entrusted with, back to Line or to another company. However, Line also needs to prepare, and this process will take several years. The most desirable outcome is for Naver to continue its business in Japan through Line, just as it does now. To do so, maintaining a relationship of trust with the Japanese government is also crucial. [Anchor] If it is true that Naver has decided not to sell its stake, what is the reason behind it? There is talk both inside and outside the industry that they likely wanted to sell it deep down. [Reporter] Many argue that if we consider the value of the stake, it is worth around 8 trillion won, and if we add the value of management control, they should receive at least 10 trillion won. 10 trillion won is a huge sum, and since the Japanese government's stance is firm, it is difficult for Naver to avoid it anyway, so there is also the position that they must sell. However, Line serves as the dominant messenger not only in Japan but also in Taiwan and Thailand, and it is Naver's most important growth engine, engaging in various businesses such as online shopping and mobile payments. Therefore, there is also an assessment that receiving only 10 trillion won is insufficient. Furthermore, it is known that more than 2,500 Korean employees are currently working at Line's affiliate, Line Plus. There are many factors to consider before the sale, even when thinking about job security. [Anchor] Naver and SoftBank each hold a 50/50 stake, but who is actually managing the business? [Reporter] SoftBank has been taking the lead in exercising management control. Although Line is a business started by Naver, the Japanese government had been involved from t...