Asia Tech Wire (July 30) -- Ku Young-bae, founder and CEO of Singapore-based e-commerce firm Qoo10, said he will put everything he has into dealing with payment delays at the company's Korean e-commerce units.

Ku said Tuesday that he will put all of his personal assets to stabilize the situation over payment delays at Korean e-commerce units TMON and Wemakeprice.

He also apologized to merchants, partners and others who suffered losses due to the payment delays.

Asked how much of the company's funds and personal assets he could utilize, Ku said that Qoo10 had 80 billion won at its disposal, but he was not sure if he could commit the full amount.

He added that he has invested all of his personal assets in the company.

Qoo10 had previously called in accounts payable from Wemakeprice and TMON as it overexpanded its business, leading to liquidity difficulties and massive arrears at its subsidiaries.