Qoo10 chief says will give up everything to resolve liquidity crisis at TMON, WeMakePrice

The chief of Qoo10, the Singapore-based parent firm of TMON and WeMakePrice, said Tuesday that he will give up everything he owns to help resolve the liquidity crisis facing the two e-commerce platforms in South Korea. Qoo10 founder and Chief Executive Officer Ku Young-bae, however, said he has all but about 80 billion won (US$57.7 million) at his disposal and that he was not sure whether "all 80 billion won could be injected." Ku made the remark in an emergency meeting of the parliamentary committee on national policy. The online platforms have failed to pay their vendors, reportedly due to a liquidity crisis caused by Qoo10's aggressive merger deals. Ku told the parliamentary committee that Qoo10 had "temporarily" used TMON and WeMakePrice's capital in the acquisition of global e-commerce platform Wish in February, but that the money has since been returned. Financial officials here have said the delayed payments by TMON and WeMakePrice are currently estimated to be around 210 billion won and will lik ely grow further. Source: Yonhap News Agency