Prosecutors obtain statements during investigation of officers and employees
Quten and each received 2.5 billion in compensation for their services
Obtaining emails for ‘Gu Young-bae’s financial work instructions’
The prosecution, which is investigating the large-scale unsettled accounts of Timon and WeMakePrice (Tmep), has reportedly secured statements from Timon and WeMakePrice officials to the effect that “Quten Technology manages all of Timon and WeMakePrice’s corporate seals, corporate accounts, and one-time password generators (OTPs) and independently entered into service contracts with Timon.” Accordingly, investigations of Timon and WeMakePrice representatives are also scheduled to take place after the Chuseok holidays.
According to a comprehensive report from the Dong-A Ilbo on the 13th, the Seoul Central District Prosecutors’ Office’s dedicated investigation team (Team Leader Lee Jun-dong, Anti-Corruption Investigation Division 1 Chief Prosecutor) is said to have secured such statements during the process of investigating Quten’s executives and employees. Quten Technology is a subsidiary of Quten Group and is in charge of finance, accounting, planning, etc. of Timon and WeMakePrice, and serves as the ‘control tower’ of Quten Group.
The Tmup incident occurred when Quten used sales proceeds from its affiliates Timon and WeMakePrice to acquire Wish, an online shopping mall based in North America and Europe. The prosecution is looking into how Quten raised funds to cover acquisition costs and whether there were any illegalities in the process of raising funds.
The prosecution is also looking into the circumstances in which Timon and WeMakePrice’s finance and information technology (IT) teams were integrated into Quten Technology’s headquarters, leading to Quten Technology receiving “service fees (service fees)” from Timeprice. In relation to this, the prosecution has secured statements from Timeprice executives and employees that “Timon and WeMakePrice each paid Quten Technology 2.5 billion won, a total of 5 billion won, in compensation for receiving headquarters services. The service contracts in question were signed by Quten Technology using Timeprice’s corporate seal.” In fact, some service contracts reportedly had only the Timeprice corporate seal without the signature of the CEO. Hwang Yong-sik, a professor of business administration at Sejong University, said, “Some companies have been using irregular methods to manage their businesses by having parent companies arbitrarily sign contracts with their affiliates’ corporate seals,” and “If such contracts result in management-related accidents or damages, they could easily be considered crimes.”
When the Tmup incident occurred, Koo Young-bae, CEO of Quten Group, appeared at the National Assembly’s emergency inquiry in July and said, “Because the company has a separate financial manager, I don’t know the financial situation well before the Tmup incident broke out.” However, the prosecution is also known to have secured emails in which CEO Koo gave detailed instructions to company executives on financial matters. The prosecution plans to summon Tmon CEO Ryu Gwang-jin and WeMakePrice CEO Ryu Hwa-hyun for questioning on the 19th, right after the Chuseok holiday.
Exclusive to Dong-A Ilbo >
![[단독]“Q-ten, Timep corporate seal management, self-signed ‘5 billion service contract’”](https://dimg.donga.com/a/180/101/95/2/wps/NEWS/IMAGE/2024/09/13/130047284.7.jpg "[단독]“Q-ten, Timep corporate seal management, self-signed ‘5 billion service contract’”")
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2024-09-14 20:43:30