National Assembly Political Affairs Committee, 'Timf' Battle... Ruling and Opposition Parties Ask, "Does Gu Young-bae Have the Will to Solve the Problem?"

Kim Sang-hoon "Timeff's Emergency Rehabilitation Application Is an Evasion of Responsibility"
Kim Hyun-jung "The Issue Lies in the Voluntary Regulation Policy... Consumer Protection Is Necessary"

The National Assembly's Committee on Economy and Finance held an emergency inquiry by summoning Koo Young-bae, CEO of Qoo10 Group, regarding the unsettled payment issue of TMON and WEMAKEPRICE (TMEP). Qoo10 Group is the major shareholder of TMON and WEMAKEPRICE. Lawmakers from both ruling and opposition parties on the committee emphasized the "responsibility of CEO Koo" and criticized that "there is no will to resolve the problem." In particular, opposition lawmakers also pointed out that the Financial Supervisory Service failed to fulfill its supervisory duties.

On the afternoon of the 30th, during the emergency inquiry of the National Assembly's Committee on Economy and Finance, Kim Sang-hoon, a member of the People Power Party, stated, "CEO Koo is the primary and fundamental person responsible for the TMEP unsettled payment incident," adding, "He said (the day before) that he would repay by liquidating his shares and personal assets, but just eight hours later, he filed for emergency corporate rehabilitation procedures, which indicates no intention to repay the unsettled amount." He continued, "Who would use TMEP again now?" and fiercely criticized it as "intentional avoidance of repayment and fraudulent behavior." CEO Koo filed for corporate rehabilitation procedures at the court the previous afternoon. Once the procedure begins and debts are frozen, victims who cannot receive payment from sales proceeds may emerge.

Koo Young-bae, CEO of Qoo10 Group, is answering questions at the urgent hearing on the 'Timon and Wemakeprice settlement and refund delay incident' held on the 30th at the National Assembly's Political Affairs Committee. Photo by Hyunmin Kim kimhyun81@

In response, CEO Koo said, "You can certainly think that way," and apologized. However, he also stated, "For the past 15 years, I have put everything on the line to grow this business," and "I have never enjoyed a single penny for personal gain." He further said, "If given additional time, I will restructure and merge TMEP to normalize the business." In response, Representative Kim criticized, "CEO Koo was already aware of the cash flow crunch and the difficulty in paying sales proceeds, yet he maintained contracts and continued transactions."

Min Byung-duk, a member of the Democratic Party, strongly criticized CEO Koo for using Qoo10 Group funds to acquire 'Wish' last April. Representative Min said, "CEO Koo acquired a company called 'Wish' in the U.S. for 230 billion won," to which CEO Koo corrected, "It was 40 billion won." Representative Min pointed out, "Did you use 40 billion won of sales proceeds to acquire 'Wish'?" and asked, "Did you buy a U.S. company in cash with sales proceeds that should have been settled?"

Koo Young-bae, CEO of Qoo10 Group (from the right), Ryu Kwang-jin, CEO of TMON, and Ryu Hwa-hyun, CEO of WEMAKEPRICE, are attending an emergency inquiry related to the 'TMON 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@

Kim Jae-seop, a member of the People Power Party, pointed out, "Sales amounts were heavily discounted and sold without seller agreement," adding, "Sales volume and revenue increased, but sellers did not receive payment settlements." He emphasized, "I made a payment through Interpark Commerce and Wish just one hour before today's (emergency inquiry), and the payment went through," and said, "CEO Koo's claim of having no money is a lie. We just don't know where the remaining money disappeared." CEO Koo responded, "What I want to consistently say is that this issue was not done with intent."

There were also remarks from opposition lawmakers holding the Financial Supervisory Service accountable.

Kim Hyun-jung, a Democratic Party member, questioned Lee Bok-hyun, Governor of the Financial Supervisory Service, "There was capital erosion in TMON in 2022 and WEMAKEPRICE in 2023, so why did this situation occur?" Governor Lee admitted, "We requested that unsettled amounts and newly incoming funds be managed separately," adding, "We said we would handle each case, but it was not implemented, and there were shortcomings." In response, Representative Kim said, "Under the name of self-regulation, the e-commerce sector has been left as a regulatory blind spot," and stated, "This incident stems from government policy failure to establish regulations related to consumer protection."

On the 30th, an emergency inquiry regarding the 'Timon and Wemakeprice settlement and refund delay incident' is being held at the National Assembly's Political Affairs Committee. Photo by Hyunmin Kim kimhyun81@

Yoo Dong-soo, a Democratic Party member, fiercely criticized, "If this is how supervision is conducted, it would be better if the Financial Supervisory Service ceases to exist." In response, Governor Lee said, "There is refund-related data at Qoo10 Technology," and added, "We just accessed and are securing it today, but we will proceed swiftly."

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