Andersen, a youth-focused travel agency, has declared a full halt to operations following police and prosecution raids, leaving hundreds of booked customers victimized. The company has been confirmed to be in a state of complete capital depletion. While it has announced a policy to begin refunds in two years, distrust among affected customers is only deepening.

Complete Capital Depletion... Cash Assets Total Only Around 100 Million Won

According to Andersen's financial statements at the end of 2024, total assets were recorded at 5.337 billion won. However, of this amount, cash and cash equivalents amounted to only 167.44 million won. Meanwhile, short-term loans receivable stood at 5.170 billion won, accounting for 96.9% of total assets. Liabilities totaled 9.192 billion won, and total equity was negative 3.854 billion won, indicating a state of complete capital depletion.

Notably, short-term loans receivable increased by approximately 3.8 billion won over the past year, but the counterparties, purposes, and repayment dates have not been disclosed. This has raised questions among affected customers not only about the feasibility of the two-year refund policy but also about the recoverability of the loaned funds.

Refund Delays and Unilateral Cancellations Continue... Consumer Hazard Advisory Issued

The 1372 Consumer Counseling Center under the Korea Consumer Agency Network issued a consumer hazard advisory on the 10th as consultations regarding Andersen-related consumer damage continued to mount. According to the counseling center, cases of refunds being delayed for months after travel contract cancellations are recurring, and despite refund dates being changed multiple times, actual payments have often not been made.

Recently, the types of damage have become more severe, including losing contact with the business operator just before travel departure dates and travel being unilaterally canceled without prior consultation. Cases were also confirmed where consumers were asked to directly pay for airline tickets using their personal credit cards, with the company claiming that using corporate cards was difficult during the payment process.

Police Raid on August 4, Operations Halted on the 5th... Hundreds Affected

The police raid took place on August 4, and Andersen released a statement announcing the halt of operations the following day, the 5th. The company cited the investigation and seizure by police and prosecutors as the reason for suspending operations. As a result, all travel itineraries scheduled after August 5 were canceled, affecting hundreds of booked customers.

The problem is that sales continued right up until the suspension of operations. Until then, Andersen had continued selling travel products promoting special deals such as early booking discounts, and recruited customers with offers like '2.99 million won off for Youth Australia Leader Super Elite.' Even after operations were suspended, posts recruiting for upcoming travel products remained online, raising concerns that consumers could mistake the company for operating normally and make additional bookings and payments.

Over 3,000 Affected Customers Gather... Total Payments Exceed 5 Billion Won

Affected customers have established a Naver Cafe and a KakaoTalk open chat room to mount a joint response. As of the afternoon of the 11th, 1,922 people had gathered in the Naver Cafe and 1,219 in the open chat room. Based on nickname information in the open chat room, the total travel payments made by customers exceeded 5 billion won as of 4 p.m. on the 9th.

Andersen Claims 'External Variables and Government Oppression'... First Proposes Refund Policy in Two Years

At 8:11 a.m. on the 11th, Andersen posted an additional statement on its Naver Cafe. It cited external variables such as the COVID-19 pandemic, the December 3 martial law declaration, high exchange rates, and the U.S.-Iran war as causes of its management difficulties. It also claimed there had been government oppression, including a blanket overseas travel ban on all employees, account tracking, and repeated tax audits, on the grounds of hiring members of a progressive political party.

In this statement, the fact of account seizure was newly mentioned, but the scope or balances of the seized accounts were not disclosed. The company outlined plans for legal action against public authorities, stating it would thoroughly pursue both criminal charges for abuse of authority and civil liability for recent losses. It added that it would relentlessly pursue civil and criminal accountability against the media for the dissemination of false information. It also proposed for the first time a policy to begin providing travel or refunds starting in two years.

However, even the additional statement did not include financial information such as specific funding sources for refunds, the total amount subject to refund, or a repayment schedule.

Affected Customers: 'Refunds in Two Years Are Unrealistic... Isn't This a Ponzi Scheme?'

Affected customers are not lifting their distrust despite the additional statement. One customer who had been scheduled to travel in September this year expressed doubt about whether refunds in two years would realistically be possible. Another customer shared their experience of receiving a written guarantee of a refund earlier this year, only for the promised refund date to be repeatedly broken.

Some hold out hope that they might receive a refund if they withdraw their criminal complaints, but suspicions have also emerged that the reality may be a 'Ponzi scheme' in which new customer deposits are used to fund refunds or travel itineraries for existing customers.

Consumer Groups: 'Refrain from New Bookings, Preserve Evidence'

The Korea Consumer Agency Network urged consumers to refrain from making new bookings or contracts for Andersen travel products. For consumers who have already signed contracts, it advised them to halt additional payments and preserve evidence including contracts, payment records, and text and messenger exchanges with the company for use in future refund demands or dispute resolution.

OhmyNews submitted inquiries to Andersen regarding its refund plans, the counterparties and purposes of the short-term loans receivable, and the status of their recovery, but had not received a response as of the afternoon of the 11th.