Banking Sector E-commerce Advance Loans Total 158.4 Billion KRW... Qoo10 53%

Kang Ming-guk "Gu Young-bae Should Compensate with Personal Investment"

The amount of bank-selected advance payments used by sellers on Tmon and Wemakeprice was found to exceed half of the total.

According to data requested by Kang Min-guk, a member of the People Power Party, from the Financial Supervisory Service on the 30th, the scale of selected advance payments for e-commerce platform tenants stood at 158.41 billion KRW (2,261 cases) as of the end of last month. SC First Bank handled 81.57 billion KRW (166 cases), while KB Kookmin Bank and Shinhan Bank handled 76.63 billion KRW (2,081 cases) and 210 million KRW (14 cases), respectively.

The amount of selected advance payments used by tenants of the Qoo10 Group accounted for more than half of the total. By e-commerce platform, Tmon World was the highest with 44.74 billion KRW (32 cases), followed by Coupang (33.05 billion KRW, 1,555 cases), Tmon (28.81 billion KRW, 85 cases), and Wemakeprice (10.37 billion KRW, 209 cases). The total amount of selected advance payments for platforms under the Qoo10 Group, including Tmon World, Tmon, and Wemakeprice, was 83.92 billion KRW, accounting for 53% of the total.

Selected advance payment loans are financial products where sellers on e-commerce platforms receive payment for sales in advance from financial institutions and repay the loan on the settlement date. Since it can take several months for tenants to receive settlements from the platform, they have been securing funds in advance through such financial products.

Representative Kang stated, "Tmon and Wemakeprice are platform companies in a state of capital erosion. The parent company, Qoo10, must compensate sellers and consumers for damages either through selling the company, borrowing, or CEO Koo Young-bae’s personal contributions." He added, "If it is confirmed that Tmon and Wemakeprice have been 'robbing Peter to pay Paul' by not returning the proceeds earned from selling gift certificates and travel products to sellers and instead using the funds for other purposes, the Financial Supervisory Service should promptly file charges of embezzlement and breach of trust with the prosecution."

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