Timon Management "CEO Gu Young-bae Directed Transfer of Wemakeprice Gift Card Business to Timon"

Ryu Hwa-hyun and Ryu Gwang-jin Forensic Appearance

Ku Young-bae, CEO of Qoo10, was testified by executives to have instructed transferring the gift card business and digital and home appliance businesses to TMON after acquiring WEMAKEPRICE.

On the 7th, Ryu Hwa-hyun, CEO of WEMAKEPRICE, stated upon appearing at the prosecution for forensic observation that Ku Young-bae's instruction to transfer the gift card business to TMON is "a fact known by all company managers and department heads." He added, "I recorded all meetings to avoid missing anything said by investors or shareholders," and said he plans to submit these recordings to the prosecution.

Ryu Hwa-hyun, CEO of Wemakeprice (left), and Ryu Kwang-jin, CEO of Tmon, are greeting each other as they attend the hearing at the Seoul Rehabilitation Court in Seocho-gu, Seoul on the 2nd. The court plans to review the reasons for Tmon and Wemakeprice's rehabilitation applications, their debt status, and funding plans. Photo by Jo Yong-jun jun21@

Ryu Kwang-jin, CEO of TMON, also appeared for forensic observation that afternoon and responded to questions about whether Ku gave such instructions by saying, "It is true that there was an instruction to integrate the digital business division and the gift card business." He explained that this was managed by the Qoo10 Group's finance department, while TMON focused only on general merchandise transactions.

This executive testimony raises suspicions that CEO Ku may have instructed the business transfer to manage and utilize the cash secured from gift card sales at WEMAKEPRICE at the group level. This is expected to be examined by the prosecution during their investigation.