Six other creditors notified the court that they intended to support the application.
SINGAPORE – A Korean gift certificates vendor that is allegedly owed nearly 76 billion won in debt is seeking to wind up beleaguered online marketplace Qoo10 in Singapore’s High Court.
Tmon and WeMakePrice have since filed for corporate rehabilitation in the Seoul Bankruptcy Court, after failing to make payments to merchants using their platforms since early July 2024. Qoo10 founder and chief executive Ku Young-bae had undergone questioning as a fraud and embezzlement suspect at the Seoul Central District Prosecutors Office, and Korea’s Financial Services Commission is investigating Qoo10, Tmon, WeMakePrice and Ku for misuse of funds, fraud and embezzlement amounting to about 1.4 trillion won, KCP said.
Meanwhile, Qoo10 in court papers claimed that the sales agreement with KCP and guarantees were not authorised, and therefore not binding, and that it owed just 1.41 million won to KCP. One point of contention is the use of a “circle chop”, or representative director stamp, used to sign off on documents.
“It is not disputed that the circle chop had been affixed on the past agreements and Qoo10 had honored and performed its obligations... and had never raised any issues in these previous transactions,” the vendor said.
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