Prosecutors Conduct Consecutive Raids on Timf...; Qoo10 Finance Director Under Investigation

The prosecution investigating the unsettled payment issue of sales proceeds from TMON and WEMAKEPRICE conducted a search and seizure of related offices on the 2nd. This marks the second consecutive day following the previous day.

According to the legal community, the Seoul Central District Prosecutors' Office's dedicated investigation team for TMON and WEMAKEPRICE (led by Chief Prosecutor Lee Joon-dong) dispatched prosecutors and investigators to the offices of Qoo10 Technology, TMON, WEMAKEPRICE, and others from the morning to secure additional financial and accounting documents. The prosecution had also conducted search and seizure operations targeting more than ten locations, including these companies, the day before. Due to the vast amount of materials, they appear to have proceeded with additional search and seizure.

Seoul Seocho-gu Seoul Central District Prosecutors' Office / Photo by Jinhyung Kang aymsdream@

Based on the secured materials, the prosecution plans to identify the financial status of the Qoo10 group and its affiliates, as well as the whereabouts of the unsettled sales proceeds amounting to 1 trillion won. In this regard, accounting analysis personnel have been dispatched from the Supreme Prosecutors' Office, and cooperation is ongoing with related agencies such as the Financial Supervisory Service.

Additionally, the prosecution is conducting investigations into key financial personnel of the Qoo10 group. Lee Si-jun, Executive Director of Finance at Qoo10, who is well acquainted with the financial situations of TMON and WEMAKEPRICE, appeared at the prosecution office this morning accompanied by his attorney. Director Lee is a close aide to Qoo10 CEO Koo Young-bae and has been responsible for the settlement of sales proceeds and fund management for TMON and WEMAKEPRICE. The prosecution is expected to question Director Lee regarding the overall financial status of the Qoo10 group, including TMON and WEMAKEPRICE.

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