SEOUL – Ku Young-bae, the founder and CEO of Singapore-based Qoo10, has pledged to utilize his personal assets to address the financial challenges facing its South Korean e-commerce platforms, TMON and WeMakePrice.
According to Yonhap News Agency, During an emergency parliamentary committee meeting on national policy, Ku stated that although he has around 80 billion won ($57.7 million) available, it is uncertain whether this full amount could be invested to alleviate the liquidity crisis. He revealed that the ongoing financial issues were exacerbated by Qoo10’s use of capital from TMON and WeMakePrice for the acquisition of the global e-commerce platform Wish in February, although the funds have reportedly been returned.
Financial experts have noted that the delayed payments to vendors by TMON and WeMakePrice, stemming from the liquidity crunch, currently total about 210 billion won and are expected to rise. Ku’s commitment reflects a drastic personal stake in resolving the crisis.