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,…
