Over $198m in claims filed by creditors against Qoo10, only $34,650 recovered
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SINGAPORE — More than $198 million in claims have been submitted by creditors to the liquidator of beleaguered online marketplace Qoo10, but only $34,650 has been recovered, according to minutes of the latest creditors' meeting seen by The Straits Times.Over $198m in claims filed by creditors against Qoo10, only $34,650 recovered
SINGAPORE — More than $198 million in claims have been submitted by creditors to the liquidator of beleaguered online marketplace Qoo10, but only $34,650 has been recovered, according to minutes of the latest creditors' meeting seen by The Straits Times. Of the sum recovered, $20,000 was from Qoo10's 11 bank accounts with DBS Bank, $14,150 was from rental deposits that were held by landlords of employees, and $500 came from the disposal of office furniture and IT equipment. According to information submitted by Qoo10 founder and chief executive Ku Young-bae to the liquidator, AAG Corporate Advisory, Qoo10's total assets are valued at $685.6 million. But the bulk of that comes from Qoo10's three e-commerce platforms — Tmon, WeMakePrice and Interpark Commerce — all of which are now under corporate restructuring in the Seoul Bankruptcy Court after failing to make payments to the platforms' merchants since 2024. Read more