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Vendors affected by Qoo10 payment delays will get $400 million in aid from South Korea, with the founder committing personal assets for compensation.
TMON and WeMakePrice Impacted
Small companies affected by payment delays at two Qoo10 e-commerce platforms will receive $400 million in financial support from South Korea. The creator of the Singapore-based firm, Qoo10, also promised to use his personal assets to compensate customers and vendors, according to Reuters.
Since early July, TMON and WeMakePrice, both situated in Seoul, have been unable to pay merchants who have used their platforms. Qoo10 has stated that a malfunction with its payment system was the cause of this problem.
South Korean financial officials have launched an inquiry into the payment delays, leading several merchants to cut ties. Last Monday, huge lines of clients demanded refunds at the headquarters of both platforms. Later on Monday, a demonstration will be organized by both vendors and consumers.
The government thinks that 210 billion won ($152 million) has grown from the e-commerce sites' missed payments.
Per MSN, small firms in South Korea will be eligible for low-interest loans, payback extensions on current loans, and tax payments, according to the country's financial regulators.
Government to Use All Resources
Vice Finance Minister Kim Beom-seok assured reporters that the government will use all resources at its disposal to minimize the harm.
On Monday, Ku, Qoo10's South Korean founder and CEO, expressed regret and said the company would obtain emergency funding by tapping into foreign accounts, selling assets, or pledging them as security.
"I will sell or use my entire stake in Qoo10, which is most of my assets, as collateral and use it to resolve this situation," he stated in a press release.
Customer Damages Estimated
Providing a figure for suppliers was impossible, according to Qoo10. However, damages to customers were estimated at roughly 50 billion won.
Despite the company's stated intention to seek $50 million to address the issue, the Financial Services Commission of South Korea reports that no comprehensive strategy has been presented.
In addition to its two other South Korean e-commerce companies, Qoo10 has operations in Japan, North America, China, Hong Kong, Malaysia, and Indonesia.
