(Photo= Yonhap news)

 

[Alpha Biz= Reporter Kim Sangjin] As of the end of the first quarter of this year, Tmon and Wemakeprice have approximately 1.3 trillion won in outstanding payments owed to their sellers.

According to a financial statement included in Tmon's "Management Improvement Plan Performance Report" submitted to the National Assembly's Committee on Financial Services by the Financial Supervisory Service (FSS) on the 12th, Tmon's total amount to be settled (deposits + promissory notes + unpaid amounts) stands at 9.727 trillion won. Tmon's exact outstanding payment figure had been unclear due to the lack of an audit report last year, but this report has now revealed the scale of payments due to sellers.

In open markets like Tmon, buyers transfer money to the market's account rather than directly to the seller. This money, held in the market's account, is referred to as "deposits." As of the end of the first quarter, Tmon's deposits amounted to 8.897 trillion won. "Promissory notes" refer to money promised for future payment to sellers, while "unpaid amounts" include general commercial transactions and services not yet paid, with Wemakeprice listing product sales under this category.

Tmon's unpaid amounts have surged sharply from 5.592 trillion won at the end of 2021 to 9.727 trillion won by the end of the first quarter this year, marking a 74% increase over three years. Wemakeprice also saw a 73% increase in outstanding payments (accounts payable + unpaid amounts) from 2.083 trillion won at the end of 2022 to 3.595 trillion won by the end of the first quarter.

The FSS had already detected signs of this issue with Tmon and Wemakeprice. Last year, the FSS required the companies to manage part of the unsettled and newly incoming funds in separate escrow accounts as part of a management improvement agreement (MOU). However, the FSS did not take legal action despite the companies' non-compliance with these requirements, citing a lack of legal grounds.

 

 

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