Prosecution Re-summons TMON CEO Ryu Gwang-jin over 'Timeff Incident'

Representative Ryu Recalled as a Suspect

Ryu Gwang-jin, CEO of Tmon, who is accused of fraud, embezzlement, and breach of trust under the Special Act on Economic Crimes in connection with the large-scale unsettled payment incident involving Tmon and Wemakeprice, is attending the pre-trial detention hearing at the Seoul Central District Court in Seocho-gu, Seoul on the 18th. Photo by Jo Yong-jun

The prosecution investigating the ‘Timon·Wemakeprice (Timemep) unsettled accounts incident’ has summoned Ryu Gwang-jin, CEO of Timon, again.

The Seoul Central District Prosecutors’ Office Timemep Special Investigation Team (led by Chief Prosecutor Lee Jun-dong) is questioning CEO Ryu on the 2nd as a suspect facing charges including embezzlement and fraud. Before his appearance, when asked “What are you doing to help the victims?” he said, “I will sincerely cooperate with the investigation.” When requested to say a word to the victims, he replied, “I am sorry.”

CEO Ryu is accused of conspiring with Koo Young-bae, CEO of Qoo10 Group, to embezzle approximately 1.595 trillion won in seller settlement payments from Timon and Wemakeprice, and causing a total loss of 72 billion won through preferential allocation of work to affiliated companies. The prosecution filed arrest warrants twice for CEO Koo, CEO Ryu, and Ryu Hwa-hyun, CEO of Wemakeprice, but the court dismissed all of them. After conducting supplementary investigations on CEO Ryu and others, the prosecution plans to indict the three without detention.