Koo Young-bae: "I Will Surrender 80 Billion Won from Qoo10 Dongwon and My 38% Personal Stake"

Ku Young-bae, CEO of Qoo10 Group, stated that the group has 80 billion KRW available to resolve the delayed payment settlements for TMON and WEMAKEPRICE, and he is also willing to contribute his personal funds.

On the 30th at 2 PM during an emergency inquiry by the National Assembly's Political Affairs Committee, when Assemblyman Shin Jang-sik of the Innovation Party asked how the current situation would be resolved, Ku said, "The maximum funds the group can mobilize amount to 80 billion KRW, but whether all of this can be immediately deployed is uncertain." He added, "I am willing to put up 100% of my 38% stake in Qoo10."

Regarding concerns that the acquisition of the e-commerce platform 'Wish' might have strained the affiliates' finances, he explained, "Cash was temporarily used, and we borrowed funds including from TMON and WEMAKEPRICE, but all were repaid within a month."

Koo Young-bae, CEO of Qoo10 Group, is bowing his head in apology during an emergency inquiry related to the 'Timon and Wemakeprice settlement and refund delay incident' held at the National Assembly's Political Affairs Committee on the 30th. Photo by Kim Hyun-min kimhyun81@

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