Fair Trade Commission Chairman "Actively Considering Using Damage Relief and Dispute Mediation for Tmon's Unsettled Payments"

Consumer Damage Monitoring Begins

[Image source=Yonhap News]

Han Ki-jung, Chairman of the Fair Trade Commission, stated on the 24th that they are "actively considering utilizing the Korea Consumer Agency's damage relief and dispute mediation functions" in relation to the delayed settlements issue involving TMON and WEMAKEPRICE.

During a briefing to the National Assembly's Political Affairs Committee, Chairman Han responded to a question from Kim Jae-seop, a member of the People Power Party, saying, "We have started monitoring the consumer damage issue."

The delayed seller settlement issue that occurred at WEMAKEPRICE, a subsidiary of the Singapore-based e-commerce platform Qoo10, has spread to another subsidiary, TMON, and has been prolonged for over two weeks. Among some sellers, there have been cases where they are being guided to stop selling products or cancel purchases of already sold products.

Regarding calls for the Fair Trade Commission to impose sanctions on the delayed settlement issue, Chairman Han replied, "The non-settlement issue is a civil debt default matter, so it is difficult to make a direct decision under the Fair Trade Act." This is interpreted to mean that while government-level support for consumer damage relief is possible, it is difficult to investigate and sanction TMON and WEMAKEPRICE under the laws overseen by the Fair Trade Commission.

In response to criticism that the Fair Trade Commission approved Qoo10's acquisition of WEMAKEPRICE despite Qoo10's poor financial condition, he said, "Regarding corporate mergers, we mainly review the restriction of competition," and added, "At that time, we judged there were no particular issues related to competition restriction and approved it."