[BizHanKook] It has been discovered that former TMON CEO Ryu Kwang-jin, who is currently undergoing a criminal trial over the TMON-WeMakePrice (TMef) non-payment crisis, has embarked on a new business venture. He has taken the position of CEO at JYG Fresh, a newly established corporation that recently acquired the trademarks and online platform of the bankrupt livestock distribution startup, Jeongyookgak. With many vendors affected by the TMef crisis still unable to recover the majority of their unpaid settlements, Ryu's move into a new business is expected to spark controversy.
Former TMON CEO Ryu Kwang-jin named CEO of JYG Fresh
Circumstances have been confirmed suggesting that Ryu Kwang-jin, one of the key figures in the TMef crisis, has started a new business through a newly established entity. Bizhankook's coverage reveals that Ryu was appointed as the CEO of JYG Fresh, a company established in May. JYG Fresh is the entity that recently acquired the trademark rights and online platform of the now-bankrupt livestock distribution startup, "Jeongyookgak."
Jeongyookgak was declared bankrupt by the court on October 20. Prior to the bankruptcy, the company sold its core assets—its trademark and online ordering/delivery platform—in September to secure funds for bankruptcy filing costs and creditor repayments. JYG Fresh acquired these assets through a business transfer.
JYG Fresh is a newly established corporation incorporated in May. Its business objectives include e-commerce retail and brokerage, related distribution, wholesale and retail of agricultural, fishery, and livestock products, and food manufacturing, processing, and sales. Its headquarters is located in a shared office in Yeoksam-dong, Gangnam-gu, Seoul.
The CEO of JYG Fresh has been identified as former TMON CEO Ryu Kwang-jin. Ryu is a veteran of the e-commerce industry, having started as a founding member of Gmarket in the early 2000s, later serving as Vice President of eBay Korea and Qoo10. He took office as TMON CEO in October 2022 but resigned in June of last year amid the large-scale TMef non-payment crisis and mounting controversy over management accountability.
It is reported that funding for JYG Fresh was provided by Asia Advisors Korea (AAK), a family office-style investment firm. AAK is the entity that previously attempted to acquire the domestic luxury platform Balan. Song Hyo-rip, the CEO of AAK, also took office as an internal director at JYG Fresh last October.
Former TMON personnel have also joined the management of JYG Fresh. Kwon Do-wan, who previously served as the head of TMON's Operations Division, served as an auditor for JYG Fresh before shifting to an internal director position in October. Kwon was the individual who handled consumer refund issues during the 2024 TMef crisis and was questioned by prosecutors as a witness in August of the same year.
Recovery for victims of the TMef crisis remains elusive
Ryu is currently facing trial in multiple criminal cases related to the TMef non-payment crisis. In December 2024, the prosecution indicted Ryu, along with Qoo10 Group CEO Ku Young-bae and former WeMakePrice CEO Ryu Hwa-hyun, without detention on charges of fraud, embezzlement, and breach of trust involving approximately 1.85 trillion won. In March of this year, he was additionally indicted on fraud charges involving 840 million won related to separate complaints. Separately, he is also on trial for failing to pay approximately 5.6 billion won in wages to 613 TMON and WeMakePrice employees, and approximately 20.7 billion won in severance pay to 733 employees.
Under commercial law, the status of being a defendant in a criminal trial does not strictly prohibit the establishment of a corporation or appointment as a CEO. Article 14 of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes restricts employment at financial companies or firms closely related to criminal activities only for those who have received a final criminal conviction for certain economic crimes.
Although Ryu is currently on trial for relevant charges, he has not yet received a final conviction, and therefore is not subject to employment restrictions. Even if a guilty verdict were finalized in the future, it would not result in a blanket ban on employment at all companies, and whether JYG Fresh falls under the scope of restricted employment would require a separate legal determination.
Meanwhile, two years have passed since the TMef crisis, yet the plight of the victims continues. Through a court-mandated rehabilitation plan in June last year, TMON finalized a plan to repay only about 0.75% of general rehabilitation claims in cash. Despite the protests of victimized vendors at the time, the rehabilitation plan was approved, and TMON concluded its rehabilitation proceedings in August of that year. Most vendors remain unable to recover their unpaid balances.
Consumer damage has also not been fully resolved. While refund procedures for those who paid via credit card installments have progressed, civil litigation regarding refund liability—particularly involving those who paid in full—continues to this day.