A Seoul court denied an arrest warrant for Qoo10 CEO Ku Young-bae amid fraud allegations linked to his e-commerce group's significant payment delays to vendors.
Prosecutors summoned Qoo10 CEO and founder Ku Young-bae on Monday to question him over his involvement in the e-commerce platform’s subsidiaries' management, which has led to a seller-payout crisis.
WeMakePrice CEO Ryu Hwa-hyeon and TMON CEO Ryu Gwang-jin were summoned by prosecutors for their first questioning on Thursday over their involvement in the e-commerce platforms’ failure to pay their listed sellers.
TMON CEO Ryu Gwang-jin said that the troubled e-commerce platform will resume normal operations next month as the company pushes for a merger.
유통업계에서 이커머스 대란을 일으킨 큐텐이 중국 유통업자에게 정산하지 않은 대금도 최소 1800만 달러(약 240억원)에 달하는 것으로 21일 확인됐다. 큐텐 정산 지연 사태가 한국 뿐 아니라 해외 각지에서 손해를 미치고 있는 것이다.
Chinese sellers on Qoo10-affiliated platforms are left to fend for themselves, with owed payments estimated to reach $18.8 million and no support from Korea.
Qoo10's shipping subsidiary Qxpress plans to find a new owner to minimize spillover damages from the group's liquidity crisis. Financial institutions will convert bonds into shares and aim to normalize operations before finding a new investor.
Interpark Commerce, another online marketplace owned by cash-strapped Qoo10, filed for a restructuring program with the Seoul Bankruptcy Court on Friday.
TMON and WeMakePrice submitted their restructuring plans with the court amid Qoo10 CEO Ku Young-bae's proposal to merge, which was given an icy reception by the platforms' sellers.
Support for merchants caught up in Qoo10's cash crisis has more than doubled to 1.2 trillion won, which will primarily take the form of low-interest loans.
Korea JoongAng Daily Sitemap
