(Photo= Yonhap news)

 

[Alpha Biz= Reporter Kim Sangjin] On the 26th, prosecutors from the Seoul Central District Prosecutors' Office, handling the investigation into unsettled transactions at TMON and WEMAKEPRICE, conducted additional raids targeting executives of the Qoo10 Group. The raids included residences of Kim Hyo-jong, CEO of Qoo10 Technology, and three other senior executives, focusing on allegations of fraud and embezzlement.

This follows previous raids conducted from the 1st of this month, which targeted the residences of Qoo10 Group CEO Koo Young-bae, TMON CEO Ryu Kwang-jin, and WEMAKEPRICE CEO Ryu Hwa-hyeon, as well as the TMON headquarters and WEMAKEPRICE office.

Kim Hyo-jong, who oversees human resources and organizational matters at Qoo10 Group, has been identified as a key figure in the ongoing issue, particularly due to his role in the separation of financial operations for TMON and WEMAKEPRICE, which is central to the settlement dispute.

Kim, also a close associate of Koo Young-bae since the founding of Gmarket, serves as the CEO of Qoo10 Technology, which absorbed the financial teams from TMON and WEMAKEPRICE. He also holds roles as an auditor at TMON and an internal director at WEMAKEPRICE.

The other three executives under investigation include a former head of management support at TMON, a former head of partnership business, and a senior staff member at WEMAKEPRICE. Their search warrants include allegations of approximately 14 trillion won in fraud and 40 billion won in embezzlement.

 

 

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