Qoo10 Plans to Raise 70 Billion Won... Financial Authorities Say "No Plan Submitted"

Financial Services Commission and Financial Supervisory Service "Urge Responsible Attitude to Resolve the Situation"
Procured Amount Far Insufficient Considering Unsettled Amount

Regarding the unsettled payment issue of TMON and WEMAKEPRICE, the parent company Qoo10 Group is reportedly pursuing a plan to raise 50 million dollars (approximately 70 billion KRW), but the financial authorities stated on the 28th that "no actual funding plan has been submitted."

[Image source=Yonhap News]

According to the financial authorities, the Financial Services Commission and the Financial Supervisory Service explained in a briefing material on the same day, "(Qoo10) expressed an intention to raise 50 million dollars during meetings with the financial authorities," and "as part of this, the financial authorities requested Qoo10 to submit a funding plan, but no actual funding plan has been submitted yet."

They added, "We are urging the Qoo10 Group to take a responsible stance in resolving the situation." It is also reported that the financial authorities believe it is necessary for the Qoo10 CEO to appear publicly as soon as possible to express their position regarding the resolution of the situation.

TMON and WEMAKEPRICE, which are experiencing delays in seller settlements, are subsidiaries of Qoo10, a Singapore-based e-commerce company. Qoo10, which has expanded its size through successive mergers and acquisitions of multiple companies, has been suspected of using the sales proceeds from TMON and WEMAKEPRICE for business expansion.

Qoo10 has expressed an intention to raise 70 billion KRW in funds, but considering the scale of the damage, there are evaluations that this may not be sufficient to resolve the issue. The government estimates the unsettled amount for TMON and WEMAKEPRICE to be around 160 to 170 billion KRW. Since this figure only accounts for unsettled sales proceeds in May, when considering unsettled amounts for June and July as well as consumer refunds, the amount of funds Qoo10 needs to secure will inevitably increase.

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