TMON, WeMakePrice Crisis: Expert Analysis

티몬•위메프 사태 분석, 피해 대책은?

Thanks for joining us, you've tuned into Arirang's Within the frame. I'm Han Da-eun in Seoul.
With financial damage caused by the liquidity crisis of e-commerce platforms TMON and WeMakePrice expected to reach over one trillion won, or roughly 730 million dollars, the government has rolled up its sleeves to support affected businesses and enforce new rules to prevent similar crises.
As the investigation continues by the prosecution into payment delays, a Seoul court has granted the two cash-strapped companies one month to seek debt restructuring on their own.
What caused the payment crisis, how will the restructuring and court proceedings unfold, and what lessons does Korea need to learn from this?
On today’s Within the Frame, we take a deep dive into the TMON and WeMakePrice crisis with Professor Kim Yong-Jin of Sogang Business School, who joins us via Skype. Also with us tonight is Kim Sei-wan, Professor of Economics at Ewha Womans University.


(KYJ) Q1. First give us a rough estimate of the financial damage caused by the snowballing liquidity crisis of TMON and WeMakePrice.

(KYJ) Q2. The travel industry was the hardest hit by the liquidity crisis. What’s behind this?

(KSW) Q3. Analyses are pouring in on the causes of the massive liquidity crisis, and it appears there’s more than one culprit that led to the solvency crisis. Elaborate for us what went wrong.

(KSW) Q4. A Seoul court has approved the Autonomous Restructuring Support Program, or the ARS Program, for TMON and WeMakePrice. What exactly is the program, and how is it different from a court receivership?

(KYJ) Q5. The two troubled e-commerce platforms, TMON and WeMakePrice, have about one month to strike a deal with creditors. What are your prospects for the ARS procedures going forward?

(KSW) Q6. After vowing to inject more than 560 billion won, or roughly 412 million dollars, to facilitate cash flow, the government today has announced a new set of guidelines to prevent the recurrence of similar e-commerce insolvencies. Walk us through the key points, and would they be effective?

(KYJ) Q7. How would the TMON and WeMakePrice crisis reshape the landscape of Korea’s e-commerce industry?

(KSW) Q8. Switching gears to stock markets South Korean markets marked its worst session since the global financial crisis of 2008 on Monday, with circuit breakers activated for the first time in four years. But KOSPI rebounded today, recovering to the 2,500-point level in a single day. How do you see this?

(KYJ) Q9. Wall Street suffered its worst day in almost two years on Monday with leading share indices like the S&P 500 and Dow Jones industrial average tumbling in volatile trading. Is the U.S. really heading for a recession?

And that brings us to the end of this show.
Thank you for watching, and be sure to tune in same time tomorrow to join our conversation.
Good bye for now.

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2024-08-06, 18:30 (KST)