Tmax A&C on Brink of Crisis: Financial Woes Halt Employee Salaries Amid Capital Depletion

Tmax A&C ⁣Faces Financial Setbacks, Delays ​Employee Salaries

Tmax A&C Provided

Tmax A&C, a major subsidiary of Tmax Group, has‍ suffered ⁢a setback in paying employee salaries due to financial problems.

According to ICT Industry, Tmax A&C, which is in a state of capital loss, could not ‍pay the ‌salaries of about 1,200 employees due this morning.

Tmax‍ A&C said⁣ it ⁢could not specify the payment date, but ‌was trying to process‍ it as​ soon as possible.

Tmax A&C is responsible for developing ⁤or⁢ managing ​platforms such as Cloud, Artificial ⁤Intelligence (AI), Metaverse, and‍ Fintech, and is responsible for ⁢developing the super app platform ‘Gaia’. Last year,⁤ it recorded sales⁣ of 8.84 billion ⁣won and​ an⁣ operating ⁤loss of 95.78 billion won, ⁣and is in ⁢a state⁣ of capital loss.

Tmax A&C ‍explained that it is difficult to run short-term operating funds due to the huge costs ​involved in developing a super app.

After the re-acquisition of TmaxSoft⁢ by Tmax‌ Group, it‌ is noticed⁢ that immediate group ‌support is not⁤ available. Last month, Tmax Group spent ‍about 800 billion ⁤won to secure about 61% of Tmax ‍Soft, which ‌it ​sold‌ two‌ years ⁤ago.

Tmax A&C has ⁢decided ⁤to start ‌emergency management from next month along with efforts to secure funds.

We⁢ will suspend new recruitment for the time being​ and introduce ‌an intensive work‍ system. A company-wide cost-cutting plan will also be‍ implemented, ⁣including halving corporate card⁤ limits, ‍suspending company support for health care ‍centers and fitness ‍facilities, and temporarily suspending⁢ the use of refresh (recharge) leave.

An ⁣official ⁢of⁢ Tmax A&C said, “There has been a​ delay⁣ in the payment of⁣ salaries due to temporary ⁢funding issues, but⁤ we ⁢are trying to​ pay as⁤ soon as ⁣possible‍ and⁣ our business⁤ is​ running without a hitch.”