The prosecution has launched a major investigation into the large-scale settlement delay incident involving TMON and Wemakeprice, conducting a sweeping raid.
On the morning of the 1st, the dedicated investigation team of the Seoul Central District Prosecutors' Office carried out simultaneous raids on around ten locations, including TMON's headquarters in Seocho-gu, Seoul, the Wemakeprice office building, and the residences of Qoo10 Group's CEO Koo Young-bae and other executives.
The investigation team is securing internal documents such as computer hard drives, accounting records, approval documents, reports, and mobile phones.
The prosecution is expanding the investigation, applying charges of fraud, embezzlement, and breach of trust against CEO Koo and the executives.
TMON and Wemakeprice are accused of maintaining contracts with vendors and selling products despite being aware of their financial difficulties, which made it challenging to pay the sales proceeds on time.
According to government estimates, the amount of unpaid settlement is currently around 210 billion KRW, with the potential total damage estimated to reach up to 1 trillion KRW.
Particularly, CEO Koo recently admitted at the National Assembly's Political Affairs Committee that Qoo10 temporarily used funds from TMON and Wemakeprice during the acquisition process of the North American and European-based online shopping platform 'Wish.'
However, CEO Koo claimed that the funds were repaid within a month and that the settlement delay incident was unrelated. The prosecution is focusing on whether the management misappropriated funds for an aggressive business expansion.
The prosecution plans to analyze the materials obtained from the raid and data provided by the Financial Supervisory Service to track the internal flow of funds and summon CEO Koo and other executives as suspects for questioning.
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Prosecutors conduct a surprise raid in connection with TMON and Wemakeprice's settlement delay incident... Accelerating efforts
The prosecution has launched a major investigation into the large-scale settlement delay incident involving TMON and Wemakeprice, conducting a sweeping raid.On
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