Lee Bok-hyun on TMON and WEMAKEPRICE Incident: "There Are Areas That Need Improvement" (Comprehensive)

Lee Bok-hyun, Governor of the Financial Supervisory Service, stated that there were shortcomings related to the delay in settlement of sales proceeds by TMON and WEMAKEPRICE. He also expressed, regarding the inadequate supervision, "I deeply feel responsible and offer my apologies."

On the afternoon of the 30th, Governor Lee attended an emergency inquiry by the National Assembly's Political Affairs Committee. In response to a question from Kim Hyun-jung, a member of the Democratic Party of Korea, asking whether there was any management negligence after the signing of the memorandum of understanding for business improvement while TMON and WEMAKEPRICE were in a state of capital erosion, he said, "We requested that the outstanding amounts be managed separately and made various additional requests to manage newly incoming funds separately."

He added, "In fact, although we said we would handle each case individually, it was not implemented, and there were shortcomings."

Regarding the criticism from Yoo Dong-soo, a member of the Democratic Party of Korea, that supervision was inadequate despite knowing that TMON and WEMAKEPRICE, as PG companies, were in a state of capital erosion under the Electronic Financial Supervisory Regulations, Governor Lee responded, "There were difficulties due to the regulatory system, but I am sorry."

In response to Yoo Young-ha’s question that this incident is a typical type of Ponzi scheme and an embezzlement case, he said, "I deeply feel responsible and offer my apologies," and added, "I also apologize for making statements that evaded responsibility by blaming legislative deficiencies."

[Image source=Yonhap News]

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