Spread of ‘unsettled’ affiliates… Q10 management sued for “not qualified for rehabilitation”

Following Timon and WeMakePrice, the damage continues to spread to Q10's other affiliates. Services are being discontinued or payment settlements are being delayed, and it is still unclear whether Q10, the parent company, will be revived.

Reporter Rodong-gyu covered the story.



The book sales site operated by Q10 affiliate Interpark Commerce has stopped.

This is because Kyobo Bookstore, the exclusive store that did not receive sales payments, stopped trading.

[Kyobo Bookstore official: We were keeping a close eye on the Timon and WeMakePrice incidents, but we temporarily suspended the service yesterday because settlement was not made. That is a natural step since the situation is now so severe.]

In Interpark Shopping, major companies such as Lotte Department Store and Amore Pacific are continuing to exit.

Due to the Timeef incident, some PG companies and simple payment companies tied up Interpark sales, and the crisis is spreading to places that were operating normally.

Likewise, at AK Mall, another affiliate, the situation is prolonging and it is becoming difficult for sellers to hold on.

For example, in the case of electronics stores, as offline customers almost disappeared, they were actively doing business with these sites that offered the lowest prices, but they were hit hard.

[Yongsan electronics store merchant: (Settlement of TimeP payment) If you get bitten, it is 70 days. May is now gone, but June and July are still left. It will be enormous.]

As the court began to consider whether to initiate corporate rehabilitation, angry sellers sued Q10 executives to the prosecution, claiming that they were not qualified to talk about corporate rehabilitation that required concessions to victims.

[Attorney Won Hyeong-il/Representing Timeef victims: To receive a judgment from the investigative authorities as to whether Q10 Group executives are truly qualified to use the corporate rehabilitation system and whether they are personally responsible for anything… .]

Timon and WeMakePrice said they would normalize business under court supervision, but there was no specific plan on how they would repay.

[Youngbae Koo/CEO of Q10: (Where is the sales proceeds now?) As far as I know, there is currently no capital left in the company.]

In the end, it is difficult to trust self-rescue efforts, and it is pointed out that the investigation must be speeded up to trace the missing sales funds and reduce damage as much as possible.

[View full article]

SBS - Spread of ‘unsettled’ affiliates… Q10 management sued for “not being qualified for rehabilitation” (link)

YTN - 'Timef' seller also participates in criminal complaint... Aiming at 'illegal traces' (link)

MBC - 'Timeef' is not the end...'Happy Money' virtually halted (Shortcut)

KBS - Interpark Commerce and AK Mall... Spread of ‘settlement delay’ damage (click here)

Yonhap News TV -The 'Timef' incident spreads everywhere... Where is the sales proceeds? (Go here)