Prosecutors on Monday grilled an e-commerce tycoon believed to be on the heart of the large-scale insolvency incidents involving on-line buying platforms TIMON and WeMakePrice.
Ku Younger-bae, CEO of the Singapore-based Qoo10 Group, the mum or dad firm of TIMON and WeMakePrice, underwent questioning as a fraud and embezzlement suspect on the Seoul Central District Prosecutors Workplace within the morning.
He entered the prosecution workplace at 8:55 a.m. after telling reporters that he’ll faithfully bear the investigation.
In late July, TIMON and WeMakePrice filed for courtroom receivership because of liquidity issues that resulted in huge delayed funds to distributors on their platforms.
Prosecutors estimated the quantity of suspected fraud and embezzlement at 1.4 trillion received ($1.07 billion) and 50 billion received, respectively. Additionally they suspect that Qoo10 could have misused about 50 billion received of the buying platforms’ due funds to distributors to amass an abroad shopping center.
Prosecutors reportedly grilled Ku about whether or not he arbitrarily used the affiliated firms’ funds and was concerned of their irregular enterprise operations regardless of realizing their monetary conditions had been worsening. (Yonhap)