TMON Cash Balances Confirmed as Rehabilitation Claims
Wemakeprice Points Paid Out Using Payment Guarantee Deposit
Happy Money Gift Certificates and Happy Cash Balances Also Confirmed as Rehabilitation Claims
The Consumer Dispute Mediation Committee of the Korea Consumer Agency announced on May 30 that it has recognized the issuers' responsibility for refunds in two collective dispute mediation cases. These cases involve gift certificates (such as TMON Cash, Wemakeprice Points, and third-party issued gift certificates) sold on the online shopping malls operated by TMON and Wemakeprice, as well as Happy Money gift certificates issued by Happy Money Inc.
The committee determined that, under the Electronic Financial Transactions Act and the Standard Terms and Conditions for New Types of Gift Certificates, the final responsibility for refunding prepaid electronic payment instruments and gift certificates lies with each issuer. Therefore, the issuers are required to refund the remaining balances of each prepaid electronic payment instrument and gift certificate.
To expedite the mediation process for the businesses undergoing corporate rehabilitation proceedings (TMON, Wemakeprice, and Happy Money), the committee separated the collective dispute mediation cases related to gift certificates sold by TMON and Wemakeprice into two procedures: one for TMON and Wemakeprice themselves, and another for other businesses (a total of 112 gift certificate issuers and sellers) aside from TMON and Wemakeprice.
The committee acknowledged the refund responsibility of TMON and Wemakeprice for the remaining balances of TMON Cash and Wemakeprice Points, which are prepaid electronic payment instruments issued by the two companies. However, the committee also took into account the fact that both companies are undergoing corporate rehabilitation proceedings and that individual repayment of rehabilitation claims is not possible. As a result, TMON was instructed to confirm the remaining balances of TMON Cash held by applicants as rehabilitation claims and reflect them in the rehabilitation plan, while Wemakeprice was ordered to pay out the remaining balances of Wemakeprice Points held by applicants using the payment guarantee deposit at Woori Bank.
For third-party issued gift certificates sold via TMON and Wemakeprice, the committee decided that the validity period of the gift certificates should be extended or the certificates should be reissued. However, if the issuers or sellers are unable to implement these measures due to business circumstances, they are required to refund up to 70% of the face value or purchase amount of each gift certificate.
In the collective dispute mediation case related to Happy Money gift certificates, the committee also considered that Happy Money is undergoing corporate rehabilitation proceedings and is accepting claims through its website. Accordingly, the committee decided to extend the claim submission period and to confirm the remaining balances of Happy Money gift certificates and Happy Cash held by applicants as rehabilitation claims, to be reflected and executed in the rehabilitation plan.
Meanwhile, the mediation decisions regarding TMON, Wemakeprice, and Happy Money, which were made on April 28, have been notified to the parties involved. Applicants can check the details on the Korea Consumer Agency website. The mediation decisions regarding the gift certificate issuers and sellers, which were made on April 26, will also be promptly notified.
Parties may notify the committee of their acceptance or rejection of the mediation decision within 15 days of receiving the notification. If a party accepts the mediation decision, the mediation is established and has the same legal effect as a final and binding court settlement.
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