Ryu Hwa-hyun, CEO of Wemakeprice: "Settle sales proceeds after prioritizing urgent customer refunds"

Qoo10 Group Raising Funds... Minimizing Damage and Inconvenience
Tmon Also Processing Refunds... Settlement of Sales Proceeds Within Limits

Ryu Hwa-hyun, CEO of Wemakeprice, stated that they are prioritizing urgent customer refunds. They plan to focus on customer refunds first and then address the payment of settlement funds to small business owners and small-scale merchants. Regarding funding, he explained that the Qoo10 group is responding at the corporate group level.

On the 25th, CEO Ryu said, "Today, we aim to complete urgent customer refunds," adding, "So far, 700 cases have been processed (on-site)." Wemakeprice's stance is to speed up processing to minimize customer damage and inconvenience.

As the delay in seller settlements by TMON and WEMAKEPRICE causes increasing harm to consumers, purchasing customers are visiting WEMAKEPRICE headquarters in Samseong-dong, Seoul on the 25th, waiting to apply for refunds. Photo by Heo Younghan younghan@

Funding is being handled at the Qoo10 group level. CEO Ryu said, "Qoo10 CEO Koo Young-bae is in Korea and is overseeing the entire group’s activities." However, CEO Ryu stated that he does not know the scale of TMON's damage and did not respond to questions regarding related refunds or Qoo10-related situations. In the morning, he said, "Normalization seems possible if it involves 100 billion KRW or more."

Regarding the cause of this incident, he explained, "A new promotion system was introduced in February this year, but due to a mistake by the business division, the promotional amount to be settled in July turned out to be much larger than expected." He said this triggered the problem, and communication during the process was inadequate, which increased anxiety. CEO Ryu also explained, "We received a corporate account seizure notice, and if the account is seized, it means we cannot process consumer refunds."

Meanwhile, at Wemakeprice headquarters in Samseong-dong, affected customers demanding refunds have been gathering since the previous evening. Wemakeprice is manually collecting the payer’s name and contact information, reservation number, product name, refund request quantity, account holder’s name, and account number, and is sequentially depositing refund amounts. On that day, 700 refund cases received on-site were processed, and 68 TMON refund requests were forwarded to TMON. After 10:30 a.m., arrivals were not processed for on-site refunds but were guided to apply online via QR code.

At TMON headquarters, affected customers demanding refunds also gathered, but TMON is not responding on-site. Instead, they are accepting refund applications through mobile app and website one-on-one chat consultations and customer centers. Both TMON and Wemakeprice employees have switched to remote work. TMON stated that they plan to refund all customers who requested refunds and that refunds are currently in progress. They also said that seller settlements are being processed within possible limits.

This content was produced with the assistance of AI translation services.