South Korean authorities have launched an investigation into Seoul-based TMON and WeMakePrice, both owned by Qoo10.
Customers take a picture of QR code to get refund outside an office of TMON, a unit of Qoo10, in Seoul, on July 26.SEOUL - Two South Korean e-commerce platforms owned by Singapore-based Qoo10 slipped deeper into crisis on July 26 after failing to make payments to vendors, with companies cutting ties and irate customers thronging their offices demanding refunds.
WeMakePrice had unpaid bills to nearly 500 vendors worth a combined 36.9 billion won as of July 11, the Financial Supervisory Service has said. It is trying to ascertain the current total amount of unpaid bills for both e-commerce units. Last week, it said the issue was triggered by a July 8 glitch in its payment system that affected 500 vendors selling on WeMakePrice. The platform had resumed payments which should be completed by the end of July, it added.
SoftBank-backed Yanolja, an accommodation and travel platform, has informed consumers that accommodation packages bought through the sites from July 29 onward would not be honoured.Qoo10 acquired TMON, which it wholly owns, in 2022 and WeMakePrice a year later in 2023. It holds a 72.2 per cent stake in WeMakePrice, the FSS said.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Qoo10 liquidity crisis sparks massive complaints in South Korea, fears of wider damageSellers and buyers are demanding payments from Qoo10's shopping platforms WeMakePrice and Tmon.
Read more »
Firm making car that Putin gifted to Kim uses South Korean parts, data showsTBILISI — Laughing and joking, Russian President Vladimir Putin and North Korean leader Kim Jong-un cruised around Pyongyang last week in a Russian-made Aurus limousine to showcase their strengthened anti-Western alliance.
Read more »
South Korea releases video showing North Korean missile exploding in flightSEOUL — South Korea's military on June 28 released a video it said showed a North Korean missile abnormally spiralling early in flight and exploding, a rare publicising of surveillance footage to dismiss the North's claim of a successful test.
Read more »
North Korea’s trash balloons endanger planes at Incheon airport, South Korean official warnsThe North flew another 180 balloons carrying trash into the South from the night of June 26.
Read more »
Commentary: South Korean doctors’ strike is a medical drama with no heroesMore than 12,000 South Korean doctors have gone on strike in a months-long protest against medical reforms. It may be the wrong position to take, but the government has much to account for too, say Erik Mobrand from Seoul National University and Hyejin Kim from National University of Singapore.
Read more »
South Korean consumers turn most optimistic in 27 monthsSEOUL : South Korea's consumer sentiment in July was the most optimistic in 27 months, with a brighter spending outlook due to easing inflation concerns, a central bank survey showed on Wednesday.The Bank of Korea's consumer sentiment index was 103.6 in July, up from 100.
Read more »