Ku Young-bae, CEO of Singapore-based Qoo10 Group, has vowed to offer all that he has to resolve the settlement failures of the firm’s two subsidiaries, TMON and WeMakePrice.

Ku made the pledge on Tuesday during a hearing of the National Assembly’s National Policy Committee as he offered a sincere apology to the public, customers and sellers hit by the delayed payments.

When asked how much of the company and personal funds can be mobilized to settle the latest crisis, Ku said his firm can mobilize 80 billion won, or nearly 58 million U.S. dollars, but was quick to add that he’s uncertain whether all of the funds can actually be used. 

Ku then admitted that he used some of TMON and WeMakePrice's funds in the process of acquiring global online shopping malls based in North America and Europe in February. 

However, he noted that he had repaid all of those funds within a month, saying that the matter was unrelated to the latest payment delay issues.

TMON and WeMakePrice filed for court receivership on Monday while an emergency travel ban has been imposed on Ku. The companies' unpaid bills are estimated to be over 200 billion won.