Manna Corporation Receives 'Disclaimer of Opinion' in Audit for 2 Consecutive Years

Delivery agency platform operator Manna Corporation has received a 'disclaimer of opinion' from its external auditor regarding its 2025 financial statements. Following 2024, the company was consecutively issued a 'disclaimer of opinion' in its 2025 audit report. According to the 2024 audit report prepared by Cham Accounting Corporation and the 2025 audit report prepared by Jungyeon Accounting Corporation, the management has completely failed to provide major accounting materials necessary for conducting audit procedures, such as statements of financial position and income statements, for two consecutive years. This clearly demonstrates that the company's financial status has been thoroughly concealed and its normal business operations were completely paralyzed.

Snowballing Deficits and the 'Delivery Version of the TMON-WeMakePrice Incident'

Manna Corporation grew rapidly during the COVID-19 pandemic due to the explosion in delivery demand, recording 271.9 billion won in revenue in 2021, but deficits accumulated due to cutthroat competition and increased goodwill amortization costs. Ultimately, it recorded a deficit of 55 billion won as of the end of 2023, falling into a state of complete capital impairment.

This financial difficulty erupted in the summer of 2024 with the delay in settlement of delivery fees for riders and distributors, the so-called 'delivery version of the TMON-WeMakePrice incident'. The company held out by reducing the daily withdrawal limit to 100,000 won, and while the company claimed the unsettled amount was about 4 billion won, the Rider Union estimated the scale of the damage to be between 19 billion won and up to 60 billion won.

Suspicions of 'Identity Laundering' Tricks to Evade Responsibility and Special Tax Audit

Far from resolving the settlement delay crisis, there are suspicions that the management resorted to trickery. Circumstances attempting 'identity laundering' to attract new investors were revealed through the media, such as disguising 'DCP Solution', which was based on the loan business, as 'Manna Delivery' (later changing its name to Safe Delivery) instead of the existing 'Manna Plus', and changing the service name to 'Jikbae POS'.

Law enforcement authorities also drew their swords at such deceptive actions. Following an on-site investigation by the Fair Trade Commission in August 2024, the 4th Investigation Bureau of the Seoul Regional Tax Office was deployed in November to conduct a special tax audit. The emergency response committee composed of angry victims also took legal action, filing a complaint with the prosecution against CEO Cho Yang-hyun on charges of fraud, embezzlement, and breach of trust.

Through the audit report, Jungyeon Accounting Corporation stated the basis for the disclaimer of opinion, saying, "We did not receive the financial statements and major materials necessary for conducting audit procedures from the company's management." This means that the scope of the audit was severely limited, making it impossible to perform the audit procedures required by the auditing standards of the Republic of Korea.

A 'disclaimer of opinion' is a conclusion reached when the auditor is unable to obtain sufficient and appropriate evidence necessary to perform an accounting audit, making it impossible to express an opinion on the financial statements as a whole.