South Korea stresses need for fair treatment for Line chat app operator Naver

SEOUL, South Korea (AP) — South Korea has vowed 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, followed a major security breach at Naver’s cloud computing servers last year. Some Korean politicians accused Japan of pressuring Naver to reduce its stake in LY and demandedthat 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.