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Sellers who were victims of Timef, filed a complaint with the prosecutor Koo Young-bae... Charges of fraud, embezzlement, and breach of trust

Media Outlet 51 places including Edaily

2024-07-31

티메프 피해 셀러들, 구영배 검찰에 고소…사기·횡령·배임 혐의

Lawyers Bang In-tae, Won Hyeong-il, Shin Jong-su, and Jeong Sang-hyuk of Daeryun Law Firm are holding a press conference in front of the Seoul Central District Prosecutors' Office in Seocho-dong, Seoul.

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“Multiple victims are produced… not eligible to apply for rehabilitation”

Sellers affected by delays in settlement and refunds of Timon and WeMakePrice filed a criminal complaint against the parent company Q10 CEO Koo Young-bae and Q10 Korea.

Daeryun Corporate Legal Group and the Timef Incident Task Force (TF), representing Timef victimsvisited the Seoul Central District Prosecutors' Office at 2 p.m. on the 31st and filed a complaint against four people, including Q10 CEO Koo Young-bae, Q10 Korea CEO Mok Ju-young, Timon CEO Ryu Gwang-jin, and WeMakePrice CEO Ryu Hwa-hyeon, on charges of fraud, embezzlement, and breach of trust under the Aggravated Punishment for Specific Economic Crimes Act.

On this dayWon-il Won, head of the Corporate Legal Group, explained, “It appears that Q10 Group representatives misappropriated money that should have been paid to customers in the process of acquiring e-commerce companies such as Wish,” adding, “This has resulted in a delay in settlement, resulting in the current damage.”

The day before, CEO Koo appeared at a question asked by the National Assembly's Political Affairs Committee on current issues and said, "We temporarily borrowed 40 billion won of funds used to acquire Wish by mobilizing Timon and WeMakePrice, and repaid this within a month." Group Leader Won believes that charges of breach of trust are also applicable.

Group Leader Won said, “Q10 has applied for corporate rehabilitation, and we have filed a complaint on behalf of our client to determine whether the management is eligible for rehabilitation and whether there are any personal responsibilities for creating multiple victims as a businessman.” He added, “I expect that the investigative agency will make a just judgment.”

On the 28th, two companies, Timon and WeMakePrice, applied to the court for corporate rehabilitation, saying that they had reached a state where they could not recover their financial situation on their own due to the recent large-scale refund incident and withdrawal of business partners.

Corporate rehabilitation is a system that promotes efficient rehabilitation of a company facing bankruptcy due to financial difficulties by adjusting the legal relationships of various stakeholders such as creditors, shareholders, and equity holders.

Daeryun believes that the most effective way to seek relief for damages is to file a civil claim for damages due to illegal acts against those responsible, including CEO Koo Young-bae.

Group Leader Won explained, “I don’t think it will be easy to file a civil lawsuit if the rehabilitation application is accepted,” and added, “We are reviewing ways to provide relief to victims within the rehabilitation process.”

The previous day, the rehabilitation court issued a preservation order and a comprehensive ban on Timon and WeMakePrice.

Preservation dispositions and comprehensive injunctions are measures to prevent debtor rehabilitation from becoming difficult due to unfairness between stakeholders, management confusion, and difficulties in maintaining the business.

The court is expected to look into the decision to initiate rehabilitation through questioning of representatives of Timon and WeMakePrice on the 2nd. If there is a decision to initiate rehabilitation procedures in the future, the debtor's right to perform business and the right to manage and dispose of property will be transferred to the administrator. Additionally, interested parties are prohibited from exercising their individual rights against the debtor.