Picket Protest in Front of Murex Headquarters
The Kakao branch of the National Chemical Fiber Food Industry Labor Union expressed opposition to Murex Partners' plan to sell KakaoVX. They demanded a halt to the sale, suspecting secret negotiations with the selling company, including conducting voluntary retirements before the sale is finalized.
The Kakao labor union held a protest against the sale on the 9th in front of the Murex Partners headquarters in Gangnam-gu, Seoul. [Photo by Kakao labor union]
On the 9th, the union held an anti-sale protest in front of Murex Partners' headquarters in Gangnam-gu, Seoul, stating this position. Murex Partners is a venture capital (VC) firm pursuing the acquisition of management rights of KakaoVX, a subsidiary of Kakao Games.
According to the union, KakaoVX is conducting voluntary retirements for about 100 employees in departments that have announced business suspension. Employees who refuse voluntary retirement are being offered standby orders preventing them from coming to work and a 30% salary cut.
Seo Seung-wook, head of the Kakao union branch, said, "Considering the timing and scale, we suspect prior discussions with Murex Partners, which is negotiating the acquisition," adding, "Currently, KakaoVX is not facing an urgent management crisis and has sufficient assets and cash reserves, so the rapid restructuring is suspected to be a preliminary discussion for the sale."
The union cited the example of 'Lock&Lock,' a domestic company that experienced a management crisis after being acquired by the Hong Kong-based private equity fund 'Affinity' in 2018. Son Se-ho, head of the Chemical Fiber Food Union's Lock&Lock branch, pointed out, "Lock&Lock sold all its assets and currently has no assets at all," and criticized, "Private equity funds endlessly sell assets and lay off employees, turning companies into empty shells." He expressed concern, saying, "We hope KakaoVX does not face the same situation."
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