SEOUL, Oct. 10 (Korea Bizwire) — Qoo10 CEO Ku Young-bae attended a court hearing held on Thursday to determine whether to issue an arrest warrant on fraud and embezzlement charges related to his e-commerce group’s large-scale payment delays to vendors. Ku appeared at the Seoul Central District Court for his hearing, which will be shortly [...]
SEOUL, Sept. 30 (Korea Bizwire) — Prosecutors on Monday grilled an e-commerce tycoon believed to be at the center of the large-scale insolvency incidents involving online shopping platforms TIMON and WeMakePrice. Ku Young-bae, CEO of the Singapore-based Qoo10 Group, the parent company of TIMON and WeMakePrice, underwent questioning as a fraud and embezzlement suspect at [...]
SEOUL, Aug. 6 (Korea Bizwire) — Finance Minister Choi Sang-mok on Tuesday unveiled policy measures for e-commerce vendors, as such vendors were hit by the recent payment delays of Qoo10-owned platforms TMON and WeMakePrice. Under the measures, the government will shorten a term of payment by e-commerce platforms to vendors, Choi told a meeting with [...]
SEOUL, Aug. 1 (Korea Bizwire) — Finance Minister Choi Sang-mok vowed Thursday to seek measures to extend additional financial support for vendors and customers hit by payment delays on e-commerce platforms of TMON and WeMakePrice, if needed. Choi made the remarks during a macroeconomic meeting, also pledging to swiftly devise policy measures and regulations to [...]
SEOUL, April 6 (Korea Bizwire) — Singapore’s Qoo10 said Thursday it acquired the entire stake in the South Korean social commerce platform Wemakeprice Inc., in the e-commerce giant’s ongoing efforts to expand in South Korea. Qoo10 said it acquired an 86.2 percent stake in Wemakeprice from its largest shareholder, Wonder Holdings Co., as well as [...]
SEOUL, March 31 (Korea Bizwire) — Qoo10 said Friday it is taking over the entire stake in Interpark Commerce Corp. from the South Korean booking app Yanolja Co. for about around 150 billion won (US$114.9 million), as the Singapore-based e-commerce platform is pushing to strengthen its presence in South Korea. Qoo10 will acquire the entire [...]
SEOUL, Aug. 25 (Korea Bizwire) — Singapore-based e-commerce firm Qoo10 plans to acquire TMON Inc. through a stock swap deal, industry sources said Thursday. TMON’s two major shareholders — Anchor Equity Partners and Kohlberg Kravis Roberts & Co. — have agreed on the stock swap deal with Qoo10, according to the sources. Under the deal, [...]
SEOUL, Sept. 17 (Korea Bizwire) – Among Korean preparatory entrepreneurs who plan to build a start-up overseas, eBay was selected as the most favorable online distribution channel. According to Teranova Korea, overseas start-up consultant agency which conducted a survey interviewing 910 preparatory entrepreneurs, 37 percent of the respondents picked eBay as the preferable channel for overseas [...]