Press Coverage

In front of the Seoul Central District Prosecutors' Office in Seocho-dong, Seoul, Daeryun Bang In-tae Law Firm,circular day,Shin Jong-su and Jeong Sang-hyuk‘ A lawyer is holding a press conference.. Daeryun Timef Law Firm IncidentTF Representatives Judo-gu Young-bae, Mok Ju-young, Ryu Gwang-jin, and Ryu Hwa-hyeon sued"Misappropriation of money to be paid to customers…Settlement delay occurs""mass production of victims…Not eligible to apply for rehabilitation" Sellers affected by delays in settlement and refund of Timon and WeMakePrice filed a criminal complaint against parent company Q10 CEO Koo Young-bae and Q10 Korea.. Daeryun Corporate Law Group and Timef Incident Task Force representing Timef victims(TF)Is 31work afternoon 2Q10 CEO Koo Young-bae and Q10 Korea CEO Mok Joo-young visited the Seoul Central District Prosecutors' Office., Gwangjin Ryu, CEO of Timon, Ryu Hwa-hyun, CEO of WeMakePrice, etc. 4The person was accused of fraud, embezzlement, and breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes..On this day, Won Won-il, head of the corporate legal group, “It appears that Q10 Group representatives misappropriated money that should have been paid to customers in the process of acquiring e-commerce companies such as Wish.”as “This resulted in a delay in settlement, resulting in current damage.”explained.The day before, Representative Koo appeared at the National Assembly Political Affairs Committee's inquiry on pending issues. “Funds used to acquire Wish 400Temporarily borrowed 100 million won from Timon and WeMakePrice, I repaid this within a month”It was revealed that. Group Leader Won believes that charges of breach of trust are also applicable..Group leader Won “Q10 applied for corporate rehabilitation. Are the executives eligible for rehabilitation?, I filed a complaint on behalf of my client to see if I, as a businessman, should be personally responsible for producing multiple victims.”as “It is expected that there will be a just judgment from the investigative agency.”said.past 28Two companies, Il Timon and WeMakePrice, recently filed for corporate rehabilitation in court, claiming that they were unable to recover their financial situation on their own due to large-scale refunds and customer withdrawals..Corporate rehabilitation is a process for creditors of companies facing bankruptcy due to financial difficulties., It is a system that promotes efficient rehabilitation by adjusting the legal relationships of various stakeholders, such as shareholders and equity holders..Daeryun believes that the most effective way to seek relief for damages is to file a civil claim for damages due to illegal acts against those responsible, including CEO Koo Young-bae..Group leader Won “In the case of civil lawsuits, it will not be easy to file once the rehabilitation application is accepted.”as “We are reviewing ways to provide relief to victims within the rehabilitation process.”He explained that.The day before, the rehabilitation court issued a preservation order and comprehensive ban on Timon and WeMakePrice..Preservation measures and comprehensive injunctions are unfair between stakeholders., This is a measure to prevent debtor rehabilitation from becoming difficult due to management chaos and difficulties in corporate survival..court is coming 2It is expected that the decision to initiate rehabilitation will be examined through questioning of representatives of Timon and WeMakePrice.. If there is a decision to initiate rehabilitation procedures in the future, the debtor's right to perform business and the right to manage and dispose of property will be transferred to the administrator.. In addition, interested parties are prohibited from exercising their individual rights against the debtor.. [View full article]Edaily - Sellers affected by Timef, Koo Young-bae filed a complaint with the prosecution…Charges of fraud, embezzlement, and breach of trust (Go to)Chosun Biz - Timon and WeMakePrice dealers, Q10 Korea sued for fraud, breach of trust, and embezzlement (Go to)Yonhap News - Press conference to submit complaint to Timon and WeMakePrice executives (Go to)Herald Economy - “Timef is not eligible for corporate rehabilitation.…have moral responsibility” Class action lawsuit for stores (Go to)Asian Economy - Timon·WeMakePrice Sellers, Koo Young-bae sued for fraud, embezzlement, and breach of trust (Go to)iNews24 - Timev' Sellers were angry…Representative Koo Young-bae files a complaint to the Seoul Central District Prosecutors' Office (Go to)Newsis - timef sellers, Koo Young-bae and others accused of fraud, embezzlement, and breach of trust (Go to)ITshipbuilding - timef sellers, Q10 Korea sued…Charges of fraud, breach of trust, and embezzlement (Go to)newspim - Timef non-settlement situation' Criminal complaint filed with Q10 prosecutors (Go to)KBS - Sellers affected by Timon and WeMakePrice, Koo Young-bae and others accused of fraud, embezzlement, and breach of trust (Go to)Opinion News - Timev' Damaged stores, Koo Young-bae, CEO of Q10, etc. 4sue (Go to)Money Today - Sellers affected by Timef, Koo Young-bae and others filed a complaint with the prosecution…Charges of fraud, embezzlement, and breach of trust (Go to)Asia Today - Sales companies located in Timon and WeMakePrice, Class action lawsuit initiated (Go to)news1 - Timef store, Management including Koo Young-bae 'Breach of trust, embezzlement, fraud' accused of (Go to)Kyunghyang Shinmun - Timon and WeMakePrice sellers, Criminal complaint filed against executives including Koo Young-bae…Charges of fraud, embezzlement, and breach of trust (Go to)daily - Timev' sellers, Koo Young-bae filed a complaint with the prosecution…Charges of embezzlement, breach of trust, and fraud (Go to)CJBCheongju Broadcasting - Timon WeMakePrice dealer 'plaint' submit...First case of seller lawsuit (Go to)TVshipbuilding - Timon·WeMakePrice Seller, management Prosecutors complaint…"Are you eligible for rehabilitation?" (Go to)Yonhap News - "Suspicions of embezzlement, breach of trust, and fraud in the Timef incident" Complaints and accusations every day (Go to)Financial News - Timev' Sellers also sue prosecutors...bar "fraud, seizure, Applicability of breach of trust" (Go to)moneyS - Detective Koo Young-bae sues Timef sellers "Not eligible for rehabilitation" (Go to)kbcGwangju Broadcasting - timef sellers, Q10 criminal complaint.."Charges of embezzlement, breach of trust, and fraud" (Go to)Korean economy - Timev' Damaged sellers sue CEO Koo Young-bae, etc.…Charges of fraud, embezzlement, and breach of trust (Go to)Jeonnam Ilbo - Timef sellers also end up suing… Koo Young-bae and others sued for fraud, embezzlement, and breach of trust (Go to)World Biz - timef sellers, Koo Young-bae and others sued…First case of seller lawsuit (Go to)Seoul Economic Daily - Complaints and accusations one after another…‘Timev incident’ Will there be a large-scale investigation? (Go to)Hans Economy - Timev' In addition to damaged consumers, sellers also...Q10 CEO Koo Young-bae sues others (Go to)YTN - "Damaged by the Timef incident"...Sellers also filed complaints (Go to)Daejeon Ilbo - Timef settlement delay situation' sellers, "our funds, Were acquisition funds misappropriated?" (Go to)OBS - "Timev, Embezzlement and breach of trust"…Seller files complaint (Go to)World Biz - ‘Concerns become reality’…Interpark Commerce·AKPayment delay to mall (Go to)Consumer Times - Timev incident' hold accountable…A series of complaints and accusations against management (Go to)JoongAng Ilbo - Youngbae Koo “no money”Ethymeph sellers file a collective complaint with the prosecution (Go to)Legal Broadcasting News - timef sellers, Koo Young-bae and others accused of fraud, embezzlement, and breach of trust (Go to)Hankook Ilbo - "Misappropriation of acquisition funds with money given to seller"... A series of Timeef complaints (Go to)Loishu - defense team, "Suspicions of embezzlement, breach of trust, and fraud in the Timef incident" Complaints and accusations every day (Go to)MBC - "Suspicions of embezzlement, breach of trust, and fraud in the Timef incident" Complaints and accusations every day (Go to)News Tree Korea - Timev' Discount event before non-settlement situation...Was it the intention to prevent cash return?? (Go to)OBS - Timef going through rehabilitation process…victims, class action lawsuit (Go to)Yonhap NewsTV - Sellers affected by Timon and WeMakePrice, Successive complaints against management (Go to)Segye Ilbo - timef sellers, Q10 CEO sued on charges of fraud, embezzlement, and breach of trust…Chairman of the Financial Services Commission “Resolve the situation quickly” (Go to)YTN - "Damaged by the Timef incident"...Sellers also filed complaints (Go to)Etoday - [editorial] “They are stabbing the people in the back.”Timef is raising resentment (Go to)moneyS - Timef seller's first criminal complaint… "Youngbae Koo, Charges of embezzlement, breach of trust, and fraud" (Go to)current affairs journal - Only after the time bomb explodes 'evidence' The government that was found…"disaster aggravated" (Go to)Asia Today - prosecution, ‘Settlement delay’ Simultaneous search and seizure of Timon and WeMakePrice (Go to)My Daily - [Timev incident] “public and private, Victim relief begins in earnest through group dispute mediation and criminal prosecution” (Go to)tomorrow newspaper - prosecution, Mandatory investigation into Timon and WeMakePrice begins (Go to)Asia Today - regeneration? bankruptcy? Timef at the crossroads…seller, Is damage relief possible? (Go to)Asia Today - Timev ‘refund’ It started but… Until actual payment ‘mountain beyond the mountain’ (Go to)Hankyoreh21 - The red light came on, but it eventually exploded. ‘Timev incident’ (Go to)

During his tenure as a prosecutor, he was appointed as the head of the drug response group in the violent department, which dealt with drug and gangster crimes... Daeryun Law Firm, which is strengthening its competitiveness in the field of drugs and violent crimes, announced on the 30th that it has recruited attorney Kim Myeong-seok, a former chief prosecutor of the High-ranking Public Officials Crime Investigation Office (hereinafter referred to as the Corruption Investigation Office). Attorney Kim began his career as a prosecutor at the Changwon District Prosecutors' Office in 2001, and served as a deputy chief prosecutor at the Uijeongbu District Prosecutors' Office and the Seongnam Branch of the Suwon District Prosecutors' Office. In particular, he served as the first head of the investigation department of the Corruption Investigation Office in October 2022, and last year. In October, he also took on the role of Director of Human Rights Investigation Policy. Attorney Kim, who expressed his intention to resign, joined Daeryun Law Firm after accepting his resignation. He worked at the prosecution for about 16 years and was regarded as a representative 'strong force' in the prosecution by demonstrating his expertise in violent crimes such as drugs and gangsters, as well as cognitive investigations such as bribery and embezzlement investigations and recovery of hidden crime proceeds. In addition, he was certified as a certified professional prosecutor in the drug field, and his abilities were recognized internally and externally by receiving a presidential commendation, a commendation from the prosecutor general, and a commendation from the Minister of Justice. Law firm Daeryun appointed Attorney Kim as the head of the drug response group, and plans to strengthen the competitiveness of the drug response group and add expertise under Attorney Kim's supervision. Attorney Kim said, "I am happy to be appointed as the head of the Daeryun drug response group," and added, "I will be a reliable helper in resolving the client's case and provide the optimal legal result." Daeryun CEO Kim Kuk-il said, "With the recruitment of attorney Kim, who has abundant experience and expertise in violent crimes, Daeryun “The drug response group is expected to double its capabilities,” he said. “Daeryun will continue to recruit experienced talent and focus all its capabilities to provide quality legal services to customers.” Meanwhile, Daeryun Law Firm is a law firm with the largest number of offices in Korea and said it operates a constant response system, including consultation reception, 24 hours a day, 365 days a year, under the principle of ‘customer-centered management.’ [View full article] Law Newspaper - Kim Myeong-seok, former chief prosecutor of the Corruption Investigation Office, joins Daeryun Law Firm (go to the link) Jose Ilbo - Kim Myeong-seok, the former head prosecutor of the Corruption Investigation Office, joins the Daeryun Law Firm (go to) TV Chosun - Attorney Kim Myeong-seok of the Corruption Investigation Office joins the Daeryun Law Firm... “Strengthening drug case capabilities” (Go to) News 1 - ‘Strong Tong’ Kim Myeong-seok, former chief prosecutor of the Corruption Investigation Office, joins Daeryun Law Firm (Go to) Legal Times - [Law firm iN] Daeryun Law Firm recruits Kim Myeong-seok, former Chief Prosecutor of the Corruption Investigation Office (Go to)

['Timev' Application for corporate rehabilitation]◆ If a seller's bankruptcy is declared and the rehabilitation procedure is agreed to, there is no other option than bankruptcy if the bond freeze is canceled for the time being. The possibility of additional damage increases for either party. Government support measures become virtually useless. Timon and WeMakePrice are responsible for delays in large-scale seller payment settlement and buyer refunds. 29It is expected that it will become more difficult for victims to receive relief as they apply for rehabilitation to the Japanese court.. corporate rehabilitation(court receivership)If you apply, the court will issue a comprehensive injunction. In this case, financial claims will be blocked until the start of court receivership is decided., This is because all receivables, including commercial receivables, are frozen and sellers cannot receive their unsettled payments back.. For this reason, it may not be easy to obtain consent for court management from creditors, including the seller.. If court receivership fails due to opposition from creditors, it is highly likely that Timon and WeMakePrice will go bankrupt unless Koo Young-bae, CEO of Q10, the parent company of Timon and WeMakePrice, steals his personal assets.. Either way, it will be difficult for victims to receive payment or refunds..According to the industry on this day, as Timon and WeMakePrice applied for court receivership, the damage to sellers and buyers was bound to snowball.. On this day, immediately after applying for corporate rehabilitation, Timon and WeMakePrice released a statement. “In order to prevent the current vicious cycle and minimize damage to sales members and consumers, we have applied for rehabilitation.”as “New autonomous restructuring support(ARS) Instead of applying for the program and immediately starting mandatory rehabilitation procedures, we plan to review whether it is possible to raise funds through the creation of a restructuring fund.”said. ARS The program is a system in which the court suspends the initiation of mandatory rehabilitation procedures and supports companies and creditors to autonomously negotiate restructuring first..However, contrary to the explanations of Timon and WeMakePrice, the damage to sellers and consumers is likely to increase further.. In order for court receivership to be successful, creditors 3of 2, secured creditor 4of 3 The above consent is required, but it is unlikely that creditors will agree.. Even Timon and WeMakePrice cannot properly determine the extent of the seller's damage, so it may take a considerable amount of time to determine the number of creditors and the size of the bonds.. A lawyer specializing in court management said “Among the sellers who are on the verge of bankruptcy due to Timon and WeMakePrice, who would agree to court receivership?”pointed out.In fact, the amount of damage to the seller estimated by the government was originally 1000As of today, at the level of billions of won 2134increased to billions of won. Settlement deadline remaining 67Including monthly transactions 89The size of monthly unsettled payments is expected to increase further.. Previously, at Timon's office, the total amount of damage was 1A memo from an employee was discovered predicting that it would be worth more than trillion won..There is also an analysis that if the court receivership fails and CEO Koo does not contribute his personal funds, bankruptcy is the only option for Timon and WeMakePrice.. If Timon and WeMakePrice file for bankruptcy, compensation to victims will become more difficult.. This is because it is unlikely that there will be any assets remaining in Timon and WeMakePrice, which are in a state of complete capital erosion.. If this happens, small and medium-sized sellers will hardly be able to get their settlement money back, raising concerns that serial bankruptcies will become a reality.. It is highly likely that the seller is a senior creditor.. In the case of the buyer, it appears that other relief procedures, such as a lawsuit, will have to be taken..Even if court receivership is accepted, damage is inevitable.. When court receivership commences, payments are frozen for a period of time.. This means that many of the sellers who are at risk of bankruptcy due to non-settlement of payments are being driven further to the brink.. Bang In-tae, an attorney at Daeryun Law Firm who is reviewing a class action lawsuit for victims of the Timon and WeMakePrice incidents, said: “Going through corporate rehabilitation procedures means applying for rehabilitation and converting bonds into stocks for those who previously lent a lot of money., In this way, debt is forgiven by giving up some of the bonds.”He said “Currently, the damage compensation claims that the victims of the Timon and WeMakePrice incidents were trying to process are claims that were already incurred before the rehabilitation application, so they will not be affected by the rehabilitation application, but it is highly likely that it will take a long time to be repaid.. It seems that litigation response strategies will also change a lot.”mentioned.The government released this day following the application for court receivership by Timon and WeMakePrice. 5600Financial support measures worth billions of won have become virtually useless.. An industry insider said “There has already been strong criticism that the government's measures are peeing on frozen feet.”as “What’s the point of getting a loan at a low interest rate or extending a loan if you can’t get the payment settled?”He raised his voice..Sellers who had said that the only solution would be for Timon and WeMakePrice to come forward and settle the sales price were shocked.. There was criticism that Timon and WeMakePrice had no intention of paying money from the beginning.. A seller who has not received payment “Currently, the sellers are all dying after hearing the news of the rehabilitation application.”He said “Just this morning, you said you would donate your own money to settle the settlement, but does it make sense to apply for rehabilitation in the afternoon?”He raised his voice.. mudfish “I am worried that I will not receive all my money if I go through rehabilitation procedures.”as “settlement amount 10~20% There is also a rumor going around that you can only get this much.”I was concerned. [View full article] Seoul Economic Daily - Relief for victims increasingly distant…"I had no intention of giving money from the beginning." dander (Go to)Asia Today - Timon·WeMakePrice, Apply for corporate rehabilitation in court…Victim Compensation ‘In the fog’ (Go to)Seoul Economic Daily - In the morning, he was robbing his company, and in the afternoon, he applied for corporate rehabilitation.…Victims' blood and tears (Go to)

■ Mr. A, in his 70s, had his personal information exposed during an unauthorized live broadcast by a YouTuber. ■ The court said, "As YouTube's influence is large, the damage is enormous...there is no justification." As the controversy surrounding so-called 'cyber wreckers' who create provocative content containing false information and profit from it as an excuse continues, voices calling for stronger legal punishment against them are growing. On the 29th, Prosecutor General Lee Won-seok ordered Suwon District Prosecutor General Kim Yoo-cheol to receive a report on the status and plans of the ‘Cyber ​​Rekka’ investigation and to strictly respond to the distribution of malicious content, threats, and extortion committed by Cyber ​​Rekka, which inflicts extreme defamation and insults on both celebrities and the general public by inciting hatred for profit-making and commercial purposes, and deprive them of the proceeds of crime.” In the case of criminal punishment in the cyber racka crime, if you extort money by threatening the other person, you can be charged with blackmail, and if you publicly revealed another person's private life for the purpose of slander, you can be charged with defamation under the Information and Communications Network Act. Victims may also file separate civil litigation procedures. Compensation is received by claiming compensation for physical and mental damage caused by malicious content. In fact, a court recently issued a ruling holding YouTubers who filmed videos without their consent liable for damages. On the 3rd, the Daejeon District Court's Civil Division 13 (Chief Judge Kang Gil-yeon) ruled in favor of the plaintiff in a lawsuit seeking compensation filed by a man in his 70s against two YouTubers, saying, "The defendants must jointly pay 13 million won to the plaintiff." In 2022, the YouTubers sneaked into the dog shop run by Mr. A, pretending to be customers, and conducted a live broadcast. During the live broadcast, Mr. A's face, home address, vehicle license plate, and the interior and exterior views of the silk shop were exposed, and the scene of them swearing at Mr. A was also broadcast as is. They later edited and processed the video and reposted it, and even after the silk shed was demolished, they visited Mr. A's residence again and continued filming without permission, raising donations from viewers. Mr. A applied for a temporary injunction seeking the deletion of the video and a ban on posting it, and received a decision from the court, but they did not delete the video even after several months. The court said, “The defendants posted a video containing content insulting and criticizing the plaintiff, claiming that the plaintiff was slaughtering dogs illegally, but there appears to be no evidence to prove that the plaintiff actually slaughtered dogs illegally.” He also pointed out, “Even if the plaintiff committed an illegal act, beyond reporting it to the competent government office, posting a video on their personal YouTube channel and making insulting and threatening remarks cannot be considered justified in terms of the means and methods.” He added, “We took into account the fact that YouTube, due to the nature of the Internet medium, has a large impact, so the damage is serious, and the posting period of the video can be as long as about 1 year and 7 months.” Daeryun Law Firm (Lihan), which served as legal representation for the plaintiff, explained, “The victim is experiencing considerable mental pain due to the defendants’ acts of violating portrait rights, insults, and defamation,” and added, “It appears that the court also reflected this.” In addition, he said, “Recently, as the number of YouTubers has rapidly increased, various damages are occurring due to filming and broadcasting without consent. In the case of YouTube, once a video is posted, it can be reproduced continuously, so the ripple effect is bound to be large, so there is an urgent need to improve awareness.” [View full article] Sports Seoul - YouTuber held responsible for ‘unauthorized filming’ of ordinary people… Court: “Compensation of 13 million won is required” (Shortcut)

Confirmation posts one after another on SNS… “Withdrawal after changing personal information to false information” Legal experts advise, “Information leakage and illegal trading occur frequently… mandatory provisions must be established” The aftermath of the delayed settlement of Timon and WeMakePrice (TimePrice) is leading to a procession of website withdrawals. This is due to concerns that personal information may be leaked or sold illegally if the security management of a company on the verge of bankruptcy is lax. According to Asia Today's coverage on the 29th, since the so-called 'TimePrice Incident', posts have been appearing one after another on social media providing information on how to certify withdrawal from TimPorn and WeMakePrice or completely disconnect from other SNS such as Naver and Kakao. As it became known that some personal information of subscribers may be kept even if they leave the website due to site regulations, some are advising subscribers to change all personal information to false before withdrawing. Recently, Chinese e-commerce platform AliExpress provided personal information of Korean users to Chinese sellers, coupled with a large-scale information leak in the e-commerce industry, which increased consumers' anxiety. As the controversy grew, the Personal Information Committee confirmed the status of personal information processing through the personal information protection officer (CPO) of Q10 Technology Co., Ltd., which was entrusted with the personal information management of Timon and WeMakePrice, on the 26th and announced, "To date, no problems with personal information processing have been found." However, the legal community agrees that strict monitoring by the government and consumers is necessary as personal information leaks and illegal sales frequently occur in actually bankrupt companies. Law Firm Bang In-tae, senior lawyer at Daeryun's Corporate Advisory Center, said, "In principle, personal information held by a company is not transferred to creditors when it goes bankrupt," but added, "There are actually cases where information is leaked due to poor management of a company in danger of bankruptcy, and in the process, third parties illegally purchase so-called 'profitable' personal information." Attorney Bang said, "However, such cases should be severely punished according to the Personal Information Protection Act, and all those who engage in such acts should be severely criminalized." Kim Myung-joo, a professor at the Department of Information Security at Seoul Women's University, also emphasized, "In the event of a company's bankruptcy, all assets, including personal information, are monitored by debtors, and there are many cases in which they hand them over when they say, 'I will give you more money if you hand over the information data in the system as well.'" He added, "Because the personal information protection obligation is not specifically defined for companies that are in the process of going out of business or have already been dissolved under the Personal Information Protection Act, it is urgent to prepare legal provisions to regulate this." Professor Kim emphasized, “Currently, the Personal Information Protection Committee needs to monitor the bankruptcy process in more detail,” and added, “Consumers should also continue to be alert.” [View full article] Asia Today - Selling personal information... ‘Timeef’ continues to withdraw (Shortcut)

Victims of small amounts may proceed with class action lawsuits through the court. Sellers of large-value services or goods may proceed with individual lawsuits. On the 29th, Bang In-tae, senior attorney at the Daeryun Corporate Legal Group at Law Firm Co., Ltd., explained the delay in settlement and refund of Timon and WeMakePrice (damage scale: KRW 170 billion to KRW 1 trillion), payment structure, charges for each case of damage, and the differences between the group dispute mediation procedure and class action lawsuits. (Timon, WeMakePrice payments) Payment structure) Timon and WeMakePrice are mail order brokers and electronic payment agencies (PGs). When consumers pay for a product, the payment is sent to the primary PG company and then to the secondary PG company, with the payment ultimately being paid to the seller. When a customer purchases goods or services from a mail order seller and pays with a credit card, the payment is transferred in the following order: [Customer → Card company → Electronic payment service provider (PG company) → Mail order seller]. Representative primary PG companies include Nice Information and Communication, KG Inicis, etc. However, in the case of Timon and WeMakePrice, money is moved in the order of [customer → card company → electronic payment agency (primary PG company) → Timon, WeMakePrice (electronic payment agency = secondary PG company) → mail order distributor] in the fund transfer stage. The reason why Timon and WeMakePrice intervened as secondary PG companies is This is because it is not easy for small businesses located on internet shopping mall platforms such as Timon to sign franchise contracts directly with primary PG companies. A structure has been established where Timon and WeMakePrice directly sign franchise contracts with primary PG companies, receive payment, and settle accounts (settlements) with small businesses. In other words, the payment agency itself is entrusted to the primary PG company, and Timon and WeMakePrice are the secondary PG companies, and the internet shopping mall platform handles the settlement of fees and payments on behalf of the store. (Crimes for each damage case) Consumers who have not received goods and services after paying the purchase price = If the payment amount is completely transferred from the primary PG to Timon and WeMakePrice, they can file a claim for return of unfair profits against Timon and WeMakePrice. It appears that a claim for damages for default is possible. A seller who supplied goods and services to a buyer but did not receive payment (settlement) for the same = After receiving the consumer's subscription information from Timon and WeMakePrice, it appears that it will be possible to claim settlement money and default damages from Timon and WeMakePrice by proving that goods and services were normally supplied to the consumer in accordance with the Act on Consumer Protection in Electronic Commerce, etc. Since the payment received by Timon and WeMakePrice from the primary PG is interpreted to be stored for the seller, if it was used for purposes other than settlement, it would be considered a crime of embezzlement. However, if a consumer subscription is delivered to the seller through an online platform without any intention to pay, knowing that payment to the seller will not be possible due to financial circumstances, and the seller supplies goods and services to the consumer, there is a possibility that a crime of fraud may be established (collective dispute resolution procedures and Differences between class lawsuits) Class dispute mediation procedures are relief procedures for collective damages carried out by the [Korea Consumer Protection Agency Consumer Dispute Mediation Committee] or the [Personal Information Protection Commission Personal Information Dispute Mediation Committee]. It is different from lawsuits conducted in court, and the mediation plan must be accepted by both parties to have the same effect as a court ruling. A common class action lawsuit is, in legal terms, a multi-party lawsuit, and in this case, it will be a lawsuit filed by multiple plaintiffs against Timon or WeMakePrice. Attorney Bang In-tae said, “The scale of the damage is large, the data is extensive, and the resulting compensation is expected to be considerable, so it seems necessary to proceed with a class action procedure through the court rather than an arbitrary group dispute mediation procedure.” He added, “For small victims, it is better to proceed with a class action lawsuit through the court. “For service or goods sellers, it is judged to be advantageous in terms of convenience of proof and litigation economics to proceed with individual lawsuits,” he explained. [View full article] Roishu - Lawyer Bang In-tae of Daeryun Law Firm explains the delay in settlement and refund of Timon and WeMakePrice (Go here) Segye Ilbo - Unsettled amount of Timon and WeMakePrice “could exceed 1 trillion won”... Prosecutor’s ‘Legal Review’ (Shortcut)

Much of the expenditures of stores, including advertising costs, are passed on to consumers... As the price burden increases, regulation of accommodation reservation platforms needs to be established. “The reason I use the accommodation reservation platform is because of the low price, but on-site payment is cheaper, so I feel like I’m being ‘hogang’. If I call and complain, it’s difficult to get a detailed explanation due to internal regulations, and the connection itself takes too long.” Mr. A, an office worker in his 30s who planned a domestic trip with his family for the summer vacation season, heard from a hotel employee on the day of check-in that he could stay for about 80,000 won cheaper than the price through the accommodation app. Mr. A expressed his dissatisfaction, saying, "When I inquired about the accommodation app, it confidently stated, 'This is something you already agreed to when making the payment, so refunds are difficult and price differences may occur.' When I inquired about the commission policy, etc., they said, 'They can't explain it to me.'" In the end, Mr. A paid about 80,000 won more per night and stayed for 3 days and 2 nights. As the summer peak season approaches, voices of travelers complaining of such complaints are rising one after another. Accordingly, experts pointed out that regulations on accommodation platforms are necessary in a situation where the burden on accommodation companies is increasing, such as expensive advertising costs and high entry fees. According to Asia Today coverage on the 28th, the average entry brokerage fee for accommodation reservation platforms is about 11%. It was found that reservation (brokerage) fees ranged from as little as 8% to as much as 17% depending on the brokerage and consignment transaction sales fees for each store. Accommodation companies not only pay high brokerage fees but also spend a lot of money on advertising. In fact, according to the Korea Federation of Small and Medium Businesses, the average monthly advertising cost that accommodation app stores spend on platforms is 1,079,000 won, with exposure advertising cost of 822,000 won and coupon advertising cost of 257,000 won, respectively. As these platform fees are eventually passed on to consumers, the price gap is increasing. The legal community explains that it is difficult to hold online platforms legally responsible for double pricing. Most online platform cases involve small amounts of less than 30 million won, so even if a lawsuit proceeds, the platform companies are reaching for a 'quiet settlement' rather than a fundamental solution such as revising the company policy or changing the terms and conditions. Kim Jin-woo, an attorney at Daeryun Law Firm, said, "If the platform company says it will not collect cancellation fees and then receives them, it will be considered an act of deceiving consumers and could be criminally punished for fraud, but otherwise, actual punishment is difficult. Victims also want more financial compensation. “There are cases where platform companies quietly reach an agreement with consumers and pay money. If the decision goes to the appeals court and is confirmed by the Supreme Court, the platform companies will try to move on quietly because it will establish a precedent,” he pointed out. However, there are also predictions that companies will be wary as there have been cases in which consumers who have recently been harmed can impose strong legal sanctions on online platforms through class action lawsuits rather than individual cases. Attorney Kim said, "In the case of class action lawsuits, it can be a way to protest more strongly against companies. As such movements have been taking place in the legal field recently, companies will also be alert and revise their terms and conditions." Lee Eun-hee, a professor of consumer studies at Inha University, also said, "Accommodation apps are acting as dictators and taking advantage of double payments to control consumers. As a measure to minimize damage to consumers, one way is to collect signatures through online communities and inform the group about the damage." “It could be possible,” he said. [View full article] Asia Today - [A2 Focus] Accommodation app more expensive than on-site payment… Consumers are outraged by the ‘brokerage fee extortion’ (Click here)

As damage continues to arise due to the non-settlement situation of Q10 affiliated e-commerce platforms such as Timon and WeMakePrice, Daeryun Law Firm (Limited) announced on the 26th that it will form a task force to respond to the Timon and WeMakePrice incidents and provide relief for the damage. According to the distribution industry, many of the 60,000 stores currently operating on Q10 Group affiliated e-commerce platforms such as Timon and WeMakePrice have been confirmed to be small business owners. In most cases, the financial situation is so poor that if settlement cannot be made, the situation is so serious that business must be suspended. As the timing of settlement of sales proceeds from Timon and WeMakePrice becomes unclear, there are concerns that the financial difficulties of small and medium-sized sellers will continue to worsen. Sellers facing the risk of company bankruptcy are reportedly considering corporate rehabilitation. To this end, lawyers from large corporations, as well as experts in special fields such as corporate rehabilitation and bankruptcy, joined the task force. In particular, in addition to lawyers, experts such as accountants, tax accountants, and labor accountants joined in to add expertise. The central axis of the TF was the head of the corporate legal group, lawyer Won-il Won (28th class of the Judicial Research and Training Institute). Attorney Won, who served as managing director and head of the legal office at POSCO Holdings (formerly POSCO) and managing director of the legal office at POSCO Future M (formerly POSCO Chemical), handled numerous corporate lawsuits while working at the legal office and is an expert specializing in legal advice related to corporate law. In addition, ▲Jongsoo Shin (31st class), a former partner attorney at Kim & Chang who specialized in the field of corporate law and taxation ▲Over 15 years of experience Attorney Kim Gwang-deok (32nd class), who is well-versed in special corporate law, including labor and fair trade, while working at a mid-sized and large law firm. ▲ Attorney Kim Won-sang (43rd class), head of the Corporate Rehabilitation and Bankruptcy Center. ▲ Attorney Na Chang-soo (31st class), who worked as a chief prosecutor at the Seoul Central District Prosecutors' Office and the Seoul Western District Prosecutors' Office and handled numerous corporate crimes. ▲ Attorney Bang In-tae (41st class), a labor lawyer registered with the Korean Bar Association. ▲Lawyer Ji Min-hee, who served as an in-house lawyer at LG Innotek and has extensive expertise in international transactions, ▲Attorney Jeong Sang-hyeok, who has extensive experience in human resources and labor, will provide the necessary assistance to corporations suffering from bankruptcy due to the Timon and WeMakePrice incidents. The TF includes ▲Accountant Park Seong-ah, who has experience as a member of the rehabilitation investigation committee for numerous listed and unlisted corporations, and ▲Labor attorney Won Yong-il, who was in charge of corporate audit work and collective bargaining. ▲Labor attorney Nam Seo-hye, who has provided labor legal advice for many companies in IT, service, manufacturing, and distribution, and ▲Tax accountant Lim Jeong-oh, who has provided tax adjustment and advice for various industries, will be brought in. The plan is to take prompt follow-up measures with sellers and consumers who have suffered damage due to the Timon/WeMakePrice non-settlement situation with the input of experts in special fields. Won Won-il, head of the corporate legal group who leads the task force, said, “The current Timon/WeMakePrice situation is worsening, and the damage caused is so severe that the amount cannot be estimated. With the formation of this task force, we will spare no effort in helping victims file a class action lawsuit.” [View full article] Roishu - Daeryun Law Firm (Limited) forms a task force to respond to the Timon and WeMakePrice incidents... Damage relief begins (link) Segye Ilbo - 2,500 people are waiting for refunds, but “only up to 1,000 people”… Promoting class action lawsuit for victims of Timon and WeMakePrice (Click here) Asia Economy - Daeryun Law Firm forms a task force on the ‘TimePrice’ incident… Damage relief begins (Click here)Newsis - ‘Timeef’ victims’ class action lawsuit... Law firm busy forming task force (link)

Damage amount estimated by the Financial Supervisory Service is "170 billion won" vs. "1 trillion won" claimed by sellers. Concerns about prolonged settlement delay due to Q10 Group's liquidity 'bottom' As the settlement delay situation at Timon and WeMakePrice (TimePrice) has not been resolved, it is being claimed that one after another, stores that have not received settlement are on the verge of bankruptcy. The Financial Supervisory Service put the unsettled amount at 170 billion won, but sellers say it is 1 trillion won. The industry is paying close attention to whether Q10, whose liquidity has fallen to the bottom, will be able to overcome the impasse. On the 25th, the Financial Supervisory Service estimated the unsettled amount of Timon and WeMakePrice at 170 billion won in a briefing. Sellers at Timef stores claim that the monthly settlement amount of both companies is around 500 billion won, which is much larger than what the Financial Supervisory Service announced. They said, “Timef has a system of settling after two months, and the settlement amount reaches 1 trillion in two months.” At the same time, he expressed doubts about Q10's ability to pay due to its lack of liquidity. Last year, WeMakePrice sales amounted to KRW 126.8 billion, showing a downward trend for three consecutive years. Timon did not submit its 2023 performance by the deadline. In 2022, sales will reach 120.497 billion won and operating loss will reach 152.7 billion won. The industry estimates that Timef's average monthly transaction size is around 1 trillion won. It is known that suspicions about the delay in TimePf settlement have been raised among sellers two months ago. Timon is a system where settlement is made on the +40th day of the last day of each month, and WeMakePrice is a system where settlement is made on the +7th day of the following month from the monthly sales deadline. Normally, this means that cash will arrive in your account after two months for Timon and three months for WeMakePrice. Delays in settlement have been made public for sales made before May. Now that the settlement for June and July is uncertain, if sellers' claims are followed, the damage amount could increase further. 60,000 sellers in store... The damage ranges from tens of millions of won to billions of won. If the bankruptcies of stores continue, the damage to the financial sector, including banks, becomes severe due to a chain reaction. According to the industry, the number of sellers in Timef stores is known to be as high as 60,000. Many of these are small or medium-sized businesses or small business owners. If settlement is not made on time on the platform, company operations will be disrupted. Sellers who visited Timep's headquarters in Gangnam-gu on this day responded, "Seller damages range from tens of millions of won to billions of won. We are at a loss as to how to pay our employees' salaries right now," and "If Timon and WeMakePrice do not settle sales payments, our company may go bankrupt." Mr. A, who identified himself as a TimePrice seller in a large community, said, "Most sellers were aware of the delay in settlement, but were concerned that the number of consumers would decrease due to the reputation of the platform worsening. He complained, “We have been putting off making it public.” The industry reacted by saying that it was unreasonable to proceed with unreasonable M&As one after another in a situation where hundreds of billions of won in losses were continuing, and that “eventually, something was going to explode.” In the meantime, Q10 did not apply escrow (secure purchase transaction system) and directly managed the amount paid by consumers. Some speculate that Q10 Group may have used the settlement amount to be paid to sellers in order to promote M&A. Bang In-tae, senior attorney at Daeryun Law Firm's Corporate Advisory Center, said, "If a consumer paid for a purchase but did not receive the product, and the platform company used this amount for business expenses other than payment to the seller, it would be embezzlement. In this case, it would be a criminal case, and the CEOs of WeMakePrice and Timon could be punished." [View full article] - Q10 balance is at its lowest, what will happen to the 1 trillion won settlement from Timeef (link)

Disputes such as selection of construction company and construction cost setting by reconstruction and redevelopment association, noise related to funds of the Continuity Promotion Committee... It is necessary to secure rights and interests when involved in a dispute due to legal disputes over abuse of authority. As the real estate recession in the Daejeon area continues, a series of disputes related to maintenance projects such as reconstruction and redevelopment are heating up, and caution is required. As it is a long-term project, experts advise that if you are involved in a dispute, you should respond quickly to secure rights and interests. According to the real estate maintenance industry, the urban maintenance project has been put on hold due to the prolonged recession in the real estate market in Daejeon and disputes within the redevelopment association. Redevelopment is due to poor maintenance infrastructure and poor maintenance infrastructure. This is a project implemented to improve the residential environment in areas with a high concentration of old and defective buildings. It usually takes more than 10 years from completion to actual occupancy after going through procedures such as association establishment approval, project implementation approval, and management disposal plan approval. There is also the problem that the period may be longer due to legal disputes over the operating costs of the redevelopment association. With reconstruction and redevelopment projects already in full swing throughout the Daejeon region, ranging from disputes over the selection of the initial construction company and construction costs to late payment interest and redevelopment. Various risks, such as cash liquidation issues, are emerging. Daeryun Law Firm (Liuhan) explained, "Conflicts between unions and union members can escalate into lawsuits, which can shake the foundation of the business. In real estate disputes surrounding reconstruction and redevelopment, such as misappropriation of contributions and embezzlement and breach of trust by union presidents, there is a need to objectively determine whether liability exists, etc." He added, “It takes a long time to proceed with a lawsuit, and the amount can range from tens of millions to hundreds of millions of won, so it is necessary to carefully consider the relevant issues and resolve them with an expert.” [View full article] - A series of disputes related to apartment redevelopment in the Daejeon area... The key is the ‘battle of speed’ (link)