Prosecution "Cuten Management Is Unable to Settle About 2 Years ago"

Prosecutors have secured circumstantial evidence that key executives, including Koo Young-bae, head of Quten Group, detected signs of crisis about two years ago in the large-scale unpaid settlement of Timon and Wemakeff.

The Seoul Central District Prosecutors' Office has been confirmed to have indicated such information in the arrest warrant request for CEO Koo, CEO Ryu Kwang-jin of Timon, and CEO Ryu Hwa-hyun of Wemakeff, who are suspected of fraud.It is understood that

district representative told other management in September last year, shortly after the acquisition of Timon, to the effect that 'Timon can fly away, so let's pick it as Q10'.

In addition, the prosecution believes that CEO Ryu Kwang-jin was also aware of the difficult situation to pay the settlement based on the fact that "six months at the most is the time limit" and "the gift certificate is almost the maximum now" in December last year.

CEO Ryu Hwa-hyun was aware of the inability to pay and prepared a false explanation to Q10's finance head earlier this year, saying, "I will say that the unpaid settlement payment is due to system failure and counting errors."