Qoo10, the Singapore-based e-commerce company that acquired South Korea's Tmon and Wemakeprice, has been ordered to liquidate by a Singapore court.

Singapore's High Court ruled on November 11 in favor of a liquidation petition filed by Korea Culture Promotion (KCP), a South Korean company that issues cultural gift certificates. KCP claimed that Qoo10 owed it approximately 76 billion won (US$57 million) in unpaid debts.

In court documents, KCP stated that it was one of many companies that had been harmed by Qoo10's actions and argued that the company had failed to pay for gift certificates it had sold. KCP also alleged that Qoo10 had not fulfilled its promise to secure over 70 billion won in debt from Tmon and Wemakeprice.

Six other creditors, including SCI E-commerce, 21st Century Healthcare, Mister Mobile Trading, and Shenzhen Lanmei Industry, also supported the liquidation petition.

Founded by Ku Young-bae, who previously founded Gmarket and sold it to eBay, Qoo10 entered the South Korean market in 2022 by acquiring Tmon. The following year, it acquired Wemakeprice and Interpark Commerce. However, the company's aggressive expansion plans led to financial difficulties and a subsequent delay in payments to sellers.

In early July, Tmon and Wemakeprice began facing difficulties in paying their sellers, leading them to file for corporate rehabilitation in late August.

[ⓒ Global Economic Times. 무단전재-재배포 금지]