Oasis, a fresh food delivery platform, is set to acquire TMON after being named the preferred bidder by the Seoul Bankruptcy Court.
Oasis, a grocery-selling platform, has started procedures to acquire TMON, still beset by liquidity and legal issues, in a stalking horse bid.
The Korea Consumer Agency ruled that TMON and WeMakePrice must refund more than 8,000 customers nearly 13.5 billion won ($9.3 million) for denied compensation.
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.
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.
A public hearing in Seoul addressed the payment crisis at TMON and WeMakePrice, with participants discussing proposed regulations to better protect vendor funds.
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.
A Seoul court has approved corporate rehabilitation for e-commerce platforms TMON and WeMakePrice.
Merchants and customers affected by TMON and WeMakePrice's liquidity crisis stage a protest holding black umbrellas carrying signs that say "Korea's e-commerce has died" in Yeouido, western Seoul, on Sunday.
Korea JoongAng Daily Sitemap
