Korean vendor seeks to wind up troubled Qoo10 in Singapore High Court over S$72.3 million debt

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The Straits Times 1w ago

Korean vendor seeks to wind up troubled Qoo10 in Singapore High Court over S$72.3 million debt - The Straits Times

Quick Summary:

SINGAPORE - A Korean gift certificates vendor that is allegedly owed nearly 76 billion won (S$72.3 million) in debt is seeking to wind up beleaguered online marketplace Qoo10 in Singapore’s High Court.

Meanwhile, Qoo10 in court papers claimed that the sales agreement with KCP and guarantees were not authorised, and therefore not binding, and that it owed just 1.41 million won (S$1,343) to KCP.

The Monetary Authority of Singapore has suspended Qoo10’s payment services since Sept 23, due to outstanding payments to its merchants, and police here are investigating Qoo10 over payment delays to the vendors.