Ku Young-bae, CEO of Singapore-based Qoo10 Group, said on Monday that he would sell all of his shares in the company or use them as collateral to resolve the settlement failures of the firm’s two subsidiaries, TMON and WeMakePrice.

Ku issued the position in a statement, offering a deep apology to the public, customers and sellers hit by the delayed payments.

Ku estimated the damage suffered by customers of the two online shopping platforms at around 50 billion won, or 36 million U.S. dollars, adding the two platforms will continue to accept applications of damage and make refunds. 

The CEO said that Qoo10 is working to secure emergency liquidity to support the efforts to resolve the settlement failures, adding that his company is also seeking to secure new funds through its overseas funds or the sale of company shares or assets. 

As for the damage of the sellers on the two platforms, Ku said that it’s hard to make an accurate estimation due to various factors, but the damage is feared to increase unless they swiftly recover the settlement support system.