"Damage Exceeds 10 Billion Won"… 'Timap' Seller Koo Young-bae, Qoo10 CEO, Faces Group Lawsuit

Lawsuit Filed for Fraud and Embezzlement Charges
Press Conference Held to Urge Victim Compensation

Sellers who suffered damages due to delayed settlement payments from TMON and WEMAKEPRICE have collectively filed a lawsuit against CEO Koo Young-bae of Qoo10 and other executives.

On the 1st, 17 companies operating on TMON and WEMAKEPRICE platforms submitted a complaint to the Gangnam Police Station in Seoul against CEO Koo and three others, including Ryu Hwa-hyun, co-CEO of WEMAKEPRICE, accusing them of embezzlement, breach of trust, fraud, and violations of the Electronic Commerce Act.

Representatives of companies that have not received settlement payments from TMON and WEMAKEPRICE are holding a press conference at Gangnam Police Station on the 1st before submitting a complaint.
[Image source=Yonhap News]

On the same day, before submitting the complaint, the company representatives held a press conference around 10:45 a.m. in front of the Gangnam Police Station and conducted a picket protest urging for damage recovery.

Jung Joo-hee, a store owner operating on TMON, told reporters, "The estimated damages for the 17 companies amount to 10 billion KRW," adding, "This estimate is based on unpaid settlements for sales made in July."

She continued, "Some people have not stepped forward due to their livelihoods, and others are currently preparing to submit additional complaints. Yesterday, five employees were fired, but it was not me who did it; it was Koo Young-bae who dismissed them. Please help us," she said tearfully.

Earlier, on the 26th of last month, complaints and accusations were also filed by consumers who did not receive refund payments. Shim Joon-seop, a lawyer from Law Firm Shim representing the victims, announced plans to submit complaints and accusations centered on the affected sellers on the 2nd.