Skip to content
Business — Qoo10 — Tmon — Scandal — Wemakeprice — Industry — Finance — Seoul

Regulatory body instructs TMON and WeMakePrice to correct their processes for dealing with reimbursement demands

Tightening refund procedures due to liquidity issues: The FTC demands rectification from TMON and WeMakePrice, impacting over thousand vendors and customers with considerable unpaid refunds.

,   and  Administrator
2 min read

Regulatory body instructs TMON and WeMakePrice to correct their processes for dealing with reimbursement demands

Protesters, both sellers and customers, upset over TMON's liquidity crisis, demonstrate in front of the e-commerce giant's headquarters in Gangnam, Seoul, on Aug. 13, 2024, demanding their refunds and payments. [YONHAP]

TMON's Tumultuous Journey

The financial struggles of TMON, a South Korean e-commerce platform, have been ongoing, with the platform's failure to pay settlement fees to sellers in July 2023 contributing to a larger payment crisis dubbed the "TIMEP crisis," alongside WeMakePrice. This crisis ignited concerns about e-commerce sector liquidity and payment practices.

Current Landscape

  • Acquisition: Oasis, a fresh food delivery platform, has moved forward to acquire TMON following approval from the Seoul Bankruptcy Court, overcoming a major legal hurdle. This acquisition endeavors to stabilize TMON and potentially breathe new life into the struggling platform.
  • Refund Issues: The Korea Consumer Agency (KCA) has taken action against both TMON and WeMakePrice, focusing on refund handling. In particular, WeMakePrice has been directed to amend its refund processing procedures due to a substantial backlog of requests remaining unprocessed beyond the designated timeframe.
  • Legal Action: The details of any indictments related to TMON or WeMakePrice CEOs remain elusive in the available information. Typically, such actions would form part of broader investigations into financial practices or consumer protection violations.

WeMakePrice, much like TMON, has faced criticism for its financial management and customer service practices. The company was implicated in a scandal involving unprocessed refund requests worth approximately 2.3 billion won between March and July 2023, prompting regulatory action.

In brief, TMON persists in attempts to turn its fortunes around, while both TMON and WeMakePrice battle regulatory scrutiny over financial and customer service matters. However, comprehensive details on CEO indictments or wide-ranging legal action beyond consumer protection issues are currently unavailable.

  1. The e-commerce platform, TMON, is based in Seoul, the capital city of South Korea.
  2. The acquisition of TMON by Oasis, a fresh food delivery platform, aims to stabilize the struggling e-commerce giant.
  3. The Korea Consumer Agency (KCA) is taking action against both TMON and WeMakePrice, focusing on the handling of refunds.
  4. The scandal involving WeMakePrice, another e-commerce company, involved unprocessed refund requests worth around 2.3 billion won between March and July 2023.
  5. Despite the ongoing liquidity crisis and controversy, TMON continues to navigate its challenges within the broader e-commerce industry and the realm of finance.
Federal Trade Commission demands rectification from TMON and WeMakePrice due to failing to issue refunds during a financial crisis, leaving thousands of merchants and consumers with substantial unpaid debts.
US Regulatory Body Demands Rectification from TMON and WeMakePrice over Unresolved Refund Issues, Amidst Severe Liquidity Problems Leading to Unpaid Thousands for Both Vendors and Customers.

Read also:

    Related

    Latest

    Law enforcement officials, specializing in traffic surveillance, apprehended five livestock...
    Transportation

    Law enforcement halts the movement of animals

    Law enforcement authorities from the traffic enforcement unit specialized in animal welfare inspections halted five livestock transportation vehicles on the A1 highway on Wednesday. Upon thorough examination, they discovered numerous breaches of animal welfare standards in these vehicles,...

    ,   and  Administrator