Three e-commerce CEOs were indicted for embezzlement and fraud as their companies face a payout crisis, owing $1.3 billion to vendors. They allegedly misled sellers about their dire financial situation.
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.
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