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Crisis deepens for QoolO's South Korean units as firms cut ties
The Straits Times
|July 27, 2024
Two South Korean e-commerce platforms owned by Singapore-based Qoo10 slipped deeper into crisis on July 26 after failing to make payments to vendors, with companies cutting ties and irate customers thronging their offices demanding refunds.
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A day earlier, the South Korean authorities launched an investigation into Seoul-based Tmon and WeMakePrice due to missed payments.
WeMakePrice had unpaid bills to nearly 500 vendors worth a combined 36.9 billion won (S$35.7 million) as at July 11, the Financial Supervisory Service (FSS) said. It is trying to ascertain the current total amount of unpaid bills for both ecommerce units.
Qoo10, which is backed by private equity firm KKR, did not respond to a Reuters request for comment on July 26.
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