2025-03-18
(IT Chosun, Mar. 18, 2025)
Lawmakers from both the ruling and opposition parties in the National Assembly’s Political Affairs Committee have called for a hearing and legal action against Kim Byung-joo, Chairman of MBK Partners, regarding the ongoing “Homeplus crisis.”
On the morning of the 18th, the Political Affairs Committee held a full session and conducted an emergency inquiry into issues related to Homeplus, MBK Partners, and Samboo Construction. The hearing was attended by four key witnesses: Kim Kwang-il, Vice Chairman of MBK Partners; Cho Ju-yeon, Co-CEO of Homeplus; Geum Jeong-ho, CEO of Shin Young Securities; and Kang Kyung-mo, Vice Chairman of the Homeplus Tenants Association.
Rep. Yoo Young-ha of the ruling People Power Party (PPP) criticized Chairman Kim’s absence, stating, “Kim was selected as a witness on the 11th, yet on the 13th, he scheduled a meeting through MBK’s Hong Kong branch and conveniently planned a business trip to avoid today’s hearing. This demonstrates his disregard for the National Assembly.”
He further emphasized, “The committee must take legal action against him. Many have suffered due to Homeplus, and to prevent further hedge fund-related damages, a formal hearing is necessary.”
Rep. Kang Hoon-sik of the opposition Democratic Party of Korea (DPK) echoed this sentiment, stating, “Despite emphasizing that MBK is a domestic private equity firm, Kim has no intention of appearing before the National Assembly. He shows no sense of accountability.”
He added, “Beyond legal action, we must ensure that a parliamentary hearing takes place. This is not just about one private equity firm but about the broader issue of irresponsible management practices in the industry.”
Rep. Min Byung-deok (DPK) further asserted, “Kim Byung-joo is the undeniable owner of MBK Partners. He has repeatedly refused to appear before legislative committees, including the Industry, Trade, and Energy Committee. A hearing must be held to examine both his actions and the overall governance of private equity firms.”
Both ruling and opposition party committee secretaries expressed their agreement on the issue.
DPK Secretary Kang Joon-hyun stated, “Kim Byung-joo has repeatedly refused to appear as a witness. We will decide on legal action and a parliamentary hearing before the emergency inquiry session concludes.”
PPP Secretary Kang Min-guk expressed strong criticism, saying, “Public outrage against ‘black-haired foreigner’ Kim Byung-joo is at an all-time high. He blatantly disregards the National Assembly and dodges testimony. Cutting ties with accountability seems to be his specialty.”
He further added, “Kim’s personal assets are reportedly worth approximately 12.8 trillion KRW. We must hold repeated hearings until he complies, and if necessary, launch a full-scale parliamentary investigation.”
Chairman Kim submitted an official absence notice on the 13th, citing a business trip to Shanghai and Hong Kong from the 17th to the 19th. His statement read, “I am not directly involved in the management of individual portfolio companies after investments are completed. Therefore, I am concerned that I may not be able to provide adequate responses to the lawmakers’ inquiries.”
On February 4, Homeplus, a retail chain owned by private equity firm MBK Partners, filed for corporate rehabilitation with the Seoul Bankruptcy Court.
Critics argue that MBK chose rehabilitation proceedings as a means to evade its responsibilities as the majority owner while attempting to protect its investment losses. Many have also accused MBK of engaging in predatory management by aggressively selling off Homeplus stores and business divisions for profit.
※ Please refer to the article: National Assembly, “MBK Chairman Kim Byung-joo Must Face a Hearing and Legal Action” < GLOBAL < 기사본문 – IT조선
