Payment Delays at KKR-Backed E-Commerce Firm Trigger Korea Probe
- FTC investigating reports of payments delays at Qoo10 units
- Qoo10 says it’s aware of the situation in South Korea
Packages are moved along a conveyor belt at a Qoo10 Pte. warehouse in Singapore.
Photographer: Wei Leng Tay/BloombergThis article is for subscribers only.
Online marketplaces operated by KKR-backed Qoo10 have fallen behind on payments to merchants and consumers in South Korea, prompting the nation’s Fair Trade Commission to start an emergency inspection.
The FTC is exploring ways to deal with what it described as a payment “incident” at TMON and WeMakePrice and plans to conduct on-site emergency inspections to check if consumers are getting refunds and companies are following contracts. It will also establish a dedicated response team to deal with claims, according to a Thursday statement.