FSS proposes heavy sanctions against MBK Partners over investor fund violations in Homeplus case

(Korea JoongAng Daily , Nov. 23, 2025)

A Homeplus supermarket in Seoul on Oct. 31 [NEWS1]

The Financial Supervisory Service (FSS) has issued a preliminary notice of heavy disciplinary action against MBK Partners in relation to its acquisition of retailer Homeplus. It marks the first time that authorities have moved to impose a severe sanction on a general partner (GP) managing institutional-investor-only private equity.

The FSS notified MBK on Friday of a proposed sanction that includes a suspension from duties, according to insiders on Sunday. The notice comes roughly three months after the FSS sent MBK an auditor’s opinion following an additional on-site inspection into the Homeplus case in August, as the FSS speeds up the process under Gov. Lee Chan-jin. Under the Capital Markets Act, disciplinary levels for GPs range from a caution, a warning and a suspension of up to six months to a dismissal recommendation, depending on the severity of the violation.

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