"Cannot Withdraw from China, Will Use Mortgage Loan"
"Do Not Know Exact Location of CEO Gu Young-bae"
Qoo10, a Singapore-based parent company of TMON and WEMAKEPRICE, announced that it has approximately 60 billion KRW in funds in China and plans to use it as collateral to secure a loan.
On the morning of the 27th, Kwon Do-wan, Head of Operations at TMON, said at the TMON office building in Gangnam, Seoul, when victims asked about the '60 billion KRW support rumor from Qoo10,' "That money is in China. Since it cannot be withdrawn directly from China, we are trying to get a loan."
Regarding the purpose of the funds, he explained, "CEO Koo Young-bae (of Qoo10) needs to use it, so he has not yet specified where or how much will be allocated."
When the press requested further clarification, Head Kwon said, "I said I have heard about it. It is probably the case, but I am not certain."
Regarding CEO Koo's whereabouts, Head Kwon said, "He was in Korea until this week," but added, "I have not been able to contact him recently, so I do not know for sure if he is still in Korea."
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