Seoul, Dec 29 || E-commerce giant Coupang announced a compensation plan worth more than 1.68 trillion won ($1.17 billion) on Monday following a massive personal data breach.
The compensation plan comes a day after Coupang founder Kim Bom-suk issued his first public apology since the incident, which affected nearly two-thirds of South Korea's population, reports.
Under the plan, the U.S.-listed company will provide 50,000 won worth of discounts and coupons to each of 33.7 million customers, including paid Coupang Wow members, regular users and former customers who have closed their accounts, the company said in a press release.
Compensation payments will be made gradually starting Jan. 15, it added.
"Taking this incident as a turning point, Coupang will wholeheartedly embrace customer-centric principles and fulfill its responsibilities to the very end, transforming into a company that customers can trust," Coupang's interim Chief Executive Officer (CEO) Harold Rogers said in the release.