 |
(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Jisun] The prosecution has imposed a travel ban on Mark Lee, CEO of Qxpress, a logistics subsidiary of Qoo10, in connection with the massive unpaid settlements scandal involving TMON and WeMakePrice.
According to legal sources on the 29th, the TMON and WeMakePrice task force team at the Seoul Central District Prosecutors' Office (led by Chief Prosecutor Lee Joon-dong) recently barred Lee from leaving the country following his arrival from Singapore for questioning. This travel restriction, applicable to foreign nationals, prevents Lee, a U.S. citizen, from leaving South Korea. Lee is known to serve as Qoo10 Group’s Chief Financial Officer (CFO), overseeing the group's financial operations.
The investigation is focused on whether Qoo10 Group misappropriated approximately 67.1 billion KRW (about $50 million USD) from TMON and WeMakePrice, allegedly funneling the funds to finance its acquisition of U.S. e-commerce company Wish. Prosecutors are investigating whether Lee was involved in the management of these diverted funds and are also examining potential preferential transactions, such as margin-negative promotions and exclusive sales of TMON and WeMakePrice products on Qxpress, possibly aimed at boosting Qxpress’s Nasdaq IPO bid.
On the 7th, prosecutors summoned Qoo10 Group CEO Ku Young-bae for a second round of questioning, with Lee also present for joint inquiry.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
