SINGAPORE – More than $198 million in claims have been submitted by creditors of the beleaguered online marketplace Qoo10 to its liquidators, but only $34,650 has been recovered, according to minutes of the latest creditors’ meeting seen by The Straits Times.

Of the amount recovered, $20,000 was from Qoo10’s 11 bank accounts with DBS Bank, $14,150 in 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 liquidators from 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, WeMakePrice and Interpark Commerce – all of which are now under corporate restructuring in the Seoul Bankruptcy Court after failing to make payments to the platforms’ merchants since 2024.

According to the minutes of the Jan 17 meeting, liquidator Abuthahir Abdul Gafoor of AAG Corporate Advisory told creditors that $11.3 million in trade and other receivables included debt owed to Qoo10 by Tmon, WeMakePrice and Clues Network, an Indian company operating an e-commerce platform called ShopClues.

Another asset, Qoo10’s shares in its former logistics arm Qxpress that had a face value of $12.1 million, had been transferred out, according to the minutes.

This came after three shareholders that had provided US$42 million (S$56 million) in loans to Qoo10 and were given the option to acquire its shares in Qxpress as collateral, exercised their conversion rights in July 2024 and acquired the shares from Qoo10.

Some $18.6 million in investments remain to be verified, according to the minutes.

Mr Abuthahir added that the liquidators will be liaising with DBS to recover a fixed deposit of $380,000, as well as $715,000 held by payment gateway providers Worldpay and PayPal.

“The recovery of $685.6 million is highly doubtful because Tmon, WeMakePrice and Interpark are undergoing restructuring, or the investment has already been transferred out of Qoo10 or is unaccounted for,” a source close to the matter told ST.

Qoo10’s total liabilities far exceed the sums recovered so far.

According to the Jan 17 creditors’ meeting minutes, the liquidators received 322 claims totalling $250,441 from three preferential creditors and $197.9 million in unsecured claims. Preferential creditors ref...