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Amid the delay in settlement of the seller of the luxury direct purchase platform "Balan," Choi Hyung-rok, CEO of Balan, said, "We will meet sellers in person from next week."
On the 28th, Balan issued a statement in the name of CEO Choi Hyung-rok and said, "We sincerely apologize for the recent delay in settlement," adding, "We take the current situation seriously and do our best day and night to take responsibility and resolve it."
CEO Choi said, "We will finalize the implementation plan within this week, and next week, we will visit you in person to provide a transparent explanation of the progress and future plans," adding, "This issue is not an issue that can be handled by independent decision-making, and it is a procedure that requires consultation and consent with various stakeholders, including existing investors."
Balan emphasized that in order to resolve settlement issues and normalize services, management and shareholders are working from various angles to realize the fastest and most stable restoration scenario, even structural changes, including inflows of external funds.
CEO Choi said, "In the process, we raised investment last month by lowering corporate value to one-tenth of the level and taking down management rights," adding, "We chose this platform with one mind to protect our partners."
CEO Choi then stressed, "If this platform collapses now, it's not just a matter of protest, but it could shake the trust of the entire online luxury market."
"Notices and guidance are delivered through Balan's official channel," he said. "Shaking by external speculative information not only increases unnecessary anxiety, but can also act as a real risk."