Following the suspect’s investigation on the 19th, another investigation will be conducted on the 20th.
Ryu Hwa-hyun “I’m not denying the allegations… I’m explaining why I didn’t know”
The prosecution is summoning Timon CEO Ryu Gwang-jin and WeMakePrice CEO Ryu Hwa-hyun for questioning for two consecutive days, on charges of fraud related to the large-scale unsettled accounts at Timon and WeMakePrice.
The Seoul Central District Prosecutors’ Office’s Anti-Corruption Investigation Division 1 (Chief Prosecutor Lee Jun-dong) is currently summoning the two representatives again for questioning as suspects on the morning of the 20th, following the previous day’s 19th.
Ryu Hwa-hyun, CEO of WeMakePrice, who appeared at the Seoul Central District Prosecutors’ Office this morning, said in response to reporters’ questions about the investigation yesterday, “The prosecution has completed most of the investigation. They mainly checked whether we were aware of the contents,” and “(The prosecution) is putting strong pressure on us to confirm the facts.”
When asked if he denied the charges, he explained, “I am not denying them. I answered about the facts I knew, why I felt it was justified at the time, and why I did not know the facts.”
They are accused of fraud for maintaining contracts with vendors and selling products to consumers despite knowing that they would have difficulty paying the sales price. They are also accused of embezzlement for supporting the acquisition of Wish, an asset trading platform based in North America and the European Union (EU), by Quten Group with the sales price of Timon and WeMakePrice. The prosecution summoned them the previous morning and continued the investigation until around 10 p.m.
In the first investigation, the prosecution is said to have asked when the two representatives became aware of the inability to pay the sales price and how Quten Group secured the cost of acquiring Wish.
The amount of fraud damage that the prosecution has identified so far is approximately 1.4 trillion won, and the amount of embezzlement is in the 50 billion won range. The warrant issued on the 1st of last month for the search and seizure of the residences and offices of Timep’s key executives includes charges of fraud worth 1 trillion won and embezzlement worth 40 billion won.
Meanwhile, the Seoul Rehabilitation Court’s 2nd Rehabilitation Division (Chief Court Judge Ahn Byeong-wook) decided to initiate the Timep rehabilitation process on the 10th. The deadline for submitting the rehabilitation plan is December 27th.
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2024-09-20 16:44:42