WeMakePrice, an online shopping platform that had been undergoing corporate rehabilitation due to large-scale unpaid settlements and unprocessed refunds, was declared bankrupt on Monday.
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.
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.
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.
WeMakePrice CEO Ryu Hwa-hyeon and TMON CEO Ryu Gwang-jin were summoned by prosecutors for their first questioning on Thursday over their involvement in the e-commerce platforms’ failure to pay their listed sellers.
A Seoul court has approved corporate rehabilitation for e-commerce platforms TMON and WeMakePrice.
유통업계에서 이커머스 대란을 일으킨 큐텐이 중국 유통업자에게 정산하지 않은 대금도 최소 1800만 달러(약 240억원)에 달하는 것으로 21일 확인됐다. 큐텐 정산 지연 사태가 한국 뿐 아니라 해외 각지에서 손해를 미치고 있는 것이다.
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