[Exclusive] Police raids Balaan

[Anchor]

The police conducted a search and seizure today (July 4) on the luxury goods trading platform 'Balaan', which has been dubbed the 'second T-MakeProce' (We Make Price and Ticket Monster T-Mef' due to large-scale settlement delays.

Affected companies that have not received their settlements are feeling anxious.

This is a special report by Choi Hye-rim.

[Report]

Police carrying boxes are exiting the underground parking lot.

["(Have you secured materials related to the settlement delay?) ..."]

The police carried out a search and seizure on the luxury goods trading platform company 'Balaan', which is referred to as the 'second T-Map time, it recorded the highest market share in online luxury goods trading.

Three months have passed since the 'settlement delay' issue occurred for the companies that are partnered with them. At that time, Balaan stated that the payment of settlement funds would be delayed by about four days due to a review of the settlement details, but a week later, they applied for corporate rehabilitation procedures.

['CEO of the affected company due to 'settlement delay': "They (Balaan) said there is 'absolutely no rehabilitation plan', so we cannot trust them."]

The affected companies, which have not received about 2.5 billion won in settlement funds, have filed a lawsuit against CEO Choi Hyung-rok and two executives, and in April, a travel ban was imposed on CEO Choi.

Balaan has explained that its goal is mergers and acquisitions, but if liquidation procedures begin, the partnered companies may only receive 5% of the settlement funds.

['CEO of the affected company due to 'settlement delay': "(At first) they said, no matter what, they would try to repay at least 30% or 50%... All our operating funds are tied up there. It's a situation where it's difficult to even pay the loan interest."]

The police plan to analyze the seized items and summon CEO Choi and others for questioning.

This is KBS News, Choi Hye-rim.