Timon and Wemakeprice Sellers File Complaints Against Gu Young-bae for Fraud, Embezzlement, and Breach of Trust

Gu Gyeongbae, Mok Juyeong, Ryu Gwangjin, Ryu Hwahyeon CEOs Sued
"Misappropriation of Funds for Customers... Settlement Delays Occurred"

Victimized sellers affected by the delayed settlements and refunds on Tmon and Wemakeprice have filed a lawsuit against Koo Young-bae, CEO of the parent company Qoo10, and Qoo10 Korea, the Korean subsidiary, on charges of fraud, embezzlement, and breach of trust.

On the 31st, Dae-ryun Corporate Law Group, representing the victims of Tmon and Wemakeprice, along with the Tmon-Wemakeprice Task Force (TF), visited the Seoul Central District Prosecutors' Office to file complaints against four individuals?Koo Young-bae, CEO of Qoo10; Mok Ju-young, CEO of Qoo10 Korea; Ryu Kwang-jin, CEO of Tmon; and Ryu Hwa-hyun, CEO of Wemakeprice?on charges of fraud, embezzlement, and breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes.

Koo Young-bae, CEO of Qoo10 Group, is speaking at the urgent inquiry on the "Timon and Wemakeprice Settlement and Refund Delay Incident" held by the National Assembly's Political Affairs Committee on the 30th. Photo by Hyunmin Kim kimhyun81@

On that day, Won Hyeong-il, head of the Corporate Law Group, explained, “It appears that the Qoo10 group executives misappropriated funds that should have been paid to customers during the acquisition process of e-commerce companies such as Wish,” adding, “This caused delays in settlements, which has led to the current damages.”

Since mid-month, Qoo10 subsidiaries Tmon and Wemakeprice have experienced delays in settlements and refunds. It is estimated that Tmon and Wemakeprice have failed to pay sellers at least 210 billion KRW in merchandise payments. Both companies filed for corporate rehabilitation with the court on the 29th.

Won said, “Qoo10 has applied for corporate rehabilitation, but we filed the complaint on behalf of our clients to question whether the management qualifies for rehabilitation and whether they should personally take responsibility as businesspeople for causing numerous victims,” adding, “We expect a fair judgment from the investigative authorities.”

Meanwhile, the day before, CEO Koo appeared before the National Assembly’s Political Affairs Committee and stated, “Regarding the 40 billion KRW used for the acquisition of Wish, we temporarily borrowed funds by mobilizing Tmon and Wemakeprice and repaid it within a month.” Won also believes this could constitute a breach of trust charge.

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