Financial Supervisory Service(FSS) chief Lee Bok-hyun said he found strong evidence of illegal activities in the process of tracking down Qoo10's fund, and has asked the prosecution to examine the case.

During a parliamentary hearing of the liquidity crisis at Qoo10's e-commerce subsidiaries TMON and WeMakePrice on Tuesday, the FSS chief was asked whether the state financial regulator has been tracing the funds linked to Qoo10, whose CEO Ku Young-bae vowed to mobilize both the company and personal funds to settle the payment delays.

The FSS chief said that while the regulator should trust that Ku has good intentions, it cannot fully trust him based on his recent track record of lying to the state financial regulator. 

In tracing Ku's funds, Lee said that the FSS has mobilized around 20 people and dispatched personnel to the prosecution and the Fair Trade Commission.

He said that the priority will be on determining whether Qoo10 has available funds, or funds that have been misappropriated externally, and to secure assets.