Korea Culture Promotion Inc’s US$1.07 billion winding up application against Qoo10

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, is acting for Korea Culture Promotion Inc in a US$1.07 billion winding up application against a prominent ecommerce company, Qoo10 in the Singapore court. The matter stemmed from the collapse of Qoo10’s Korean subsidiaries, TMON and WeMakePrice. Due to the large number of stakeholders and substantial amount involved, the matter involved government bodies from both Korea and Singapore attracting significant public and media attention, with investigations launched by the Korean prosecutor general into suspected fraud and embezzlement amounting to 1.4 trillion won (US$1.07 billion) and 50 billion won (US$38 million). Partners Chua Beng Chye, Cherie Tan and Raelene Pereira from the Restructuring & Insolvency Practice are leading the matter.