WeMakePrice is facing liquidation after a Seoul court ended its rehabilitation proceedings due to failure to submit a plan, though its sister company TMON was successfully acquired.
A Seoul court ended TMON's rehabilitation proceedings after the platform paid off most of its rehabilitation claims.
Oasis acquires TMON for 11.6 billion won (8.3 million) with plans to normalize operations and retain employees as it seeks turnaround.
The FTC has ordered TMON and WeMakePrice to rectify refund failures amid a liquidity crisis, affecting thousands of vendors and customers with significant unpaid amounts.
Oasis, a fresh food delivery platform, is set to acquire TMON after being named the preferred bidder by the Seoul Bankruptcy Court.
Oasis, a grocery-selling platform, has started procedures to acquire TMON, still beset by liquidity and legal issues, in a stalking horse bid.
The Korea Consumer Agency ruled that TMON and WeMakePrice must refund more than 8,000 customers nearly 13.5 billion won ($9.3 million) for denied compensation.
Three e-commerce CEOs were indicted for embezzlement and fraud as their companies face a payout crisis, owing $1.3 billion to vendors. They allegedly misled sellers about their dire financial situation.
Prosecutors summoned Qoo10 CEO and founder Ku Young-bae on Monday to question him over his involvement in the e-commerce platform’s subsidiaries' management, which has led to a seller-payout crisis.
A public hearing in Seoul addressed the payment crisis at TMON and WeMakePrice, with participants discussing proposed regulations to better protect vendor funds.
Korea JoongAng Daily Sitemap
