[Exclusive] Timon and Wemakeprice Crisis Hits Nongshim... "Farmers and Nonghyup Suffer at Least 12.6 Billion KRW in Damages"

Obtained Ministry of Agriculture, Food and Rural Affairs and Nonghyup National Assembly Report
One Nonghyup Corporation Has Not Received Payment for 1,600 Tons of Rice Sales
Damage Scale Continues to Grow Like a Snowball
Assemblywoman Im Mi-ae: "Authorities Must Quickly Assess Farmers' Damage"

Due to the non-settlement of payment amounts by Tmon and Wemakeprice (TMEP), farmers, the food industry, and the NongHyup have suffered damages totaling at least 12.6 billion KRW. This figure was identified by the Ministry of Agriculture, Food and Rural Affairs and NongHyup, and the actual damage could be even greater.

According to the damage status report on the 'TMEP incident' received by Rep. Im Mi-ae of the Democratic Party from the Ministry of Agriculture, Food and Rural Affairs and NongHyup on the 1st, farmers and the food industry suffered damages amounting to 9.217 billion KRW, while NongHyup business sites incurred damages totaling 3.385 billion KRW.

Agricultural corporations and the food industry suffered losses due to costs for store entry and unsettled sales payments. According to the Ministry of Agriculture, Food and Rural Affairs, the food industry suffered 7.646 billion KRW in damages (including 5.188 billion KRW from large food companies), agricultural corporations 1.49 billion KRW, rural experience villages 46 million KRW, and individual farmers 35 million KRW. Although the damage amounts vary, one agricultural corporation was found to have suffered damages of 1 billion KRW. Additionally, one food company did not receive 874 million KRW in sales payments, and another food company was unpaid for 850 million KRW.

On the 29th, as the 'Unsettled Sales Payment Incident' involving Wemakeprice and TMON continued, a large poster written by victims was posted in front of the Wemakeprice headquarters on Yeongdong-daero, Gangnam-gu, Seoul. On the same day, Koo Young-bae, CEO of Qoo10, stated in a press release, "We will minimize consumer damage and prevent the spread of the incident through prompt response." Photo by Jo Yong-jun jun21@

NongHyup business sites were also confirmed to have suffered significant damages. For example, a regional rice cooperative joint business corporation did not receive payment of 2.32 billion KRW for 1,600 tons of rice delivered on the 5th of last month. While the damaged items at NongHyup business sites are concentrated in rice, various other items such as tangerines, corn, and peeled garlic also remain unpaid.

The problem is that this scale of damage may only be the tip of the iceberg. The damages to farmers and others were identified not through direct reports but via related organizations, associations, and groups in the agriculture and food sectors. Moreover, the damage amount is rapidly increasing over time. According to Rep. Im’s office, the damage to farmers and the food industry increased by 3.93 billion KRW in just one day.

Rep. Im stated, "The actual damage is expected to be much greater than the amount calculated by the Ministry of Agriculture, Food and Rural Affairs and NongHyup," and added, "The government must more swiftly assess the damage to fresh agricultural, livestock, and fishery products." She further urged, "The government should prepare measures to minimize damage to farmers and prevent recurrence."

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