Political Affairs Committee Selects Five Witnesses Including Chairman Kim Byungjoo
Expected to Question Responsibility Regarding the Homeplus Incident
Inquiry Also Planned on Sambu Construction Case Involving First Lady Kim Keonhee
The National Assembly's Political Affairs Committee has decided to hold an emergency inquiry next week regarding the 'Homeplus incident' and has summoned Kim Byung-joo, chairman of MBK Partners, the largest shareholder of Homeplus, as a witness.
On the afternoon of the 11th, the Political Affairs Committee held a plenary meeting and resolved to summon five witnesses for the emergency inquiry scheduled for the 18th: Chairman Kim, Homeplus co-CEO Jo Joo-yeon, Kim Kwang-il, vice chairman of MBK Partners and Homeplus co-CEO, Geum Jeong-ho, president of Shin Young Securities, and Kang Kyung-mo, vice chairman of the Homeplus Tenant Association.
As Homeplus, the second-largest domestic large-scale retailer, recently filed for corporate rehabilitation, concerns are growing over damages to partner companies, retail sales financial bond investors, and employees. Accordingly, both ruling and opposition parties plan to intensively question Chairman Kim and others about the current damage status and countermeasures.
MBK Partners is suspected of hiding the possibility of Homeplus’s credit rating downgrade until just before filing for rehabilitation proceedings and passing losses onto investors.
The Democratic Party strongly criticizes MBK Partners for focusing on recovering investment principal through Homeplus store sales over the past decade and, when faced with crisis, filing for corporate rehabilitation without significant self-help efforts.
Min Byung-duk, chairman of the Democratic Party's 'Homeplus Countermeasure Task Force (TF),' pointed out at the meeting, "The Homeplus incident is the 'offline version' of the TMON and WEMAKEPRICE incidents that we seriously addressed last year."
However, it is still uncertain whether Chairman Kim will attend the inquiry next week. If he refuses to appear, legal responsibility can be imposed, but he may be exempted if there is a legitimate reason. Chairman Kim has been summoned multiple times before as a witness in standing committee meetings and national audits but has never appeared.
Meanwhile, the plenary meeting of the Political Affairs Committee next week is also expected to hold an emergency inquiry related to the Sambu Construction stock manipulation case involving First Lady Kim Keon-hee.
On the same day, Shin Jang-sik, a lawmaker from the Innovation Party of Korea, said, "The Political Affairs Committee was the first to raise the issue regarding the Sambu Construction stock manipulation case," adding, "I seriously raise the issue to the party floor leaders about why it has not been formally adopted as an inquiry."
In response, Yoon Han-hong, chairman of the Political Affairs Committee from the People Power Party, said, "The Financial Supervisory Service chief and the Financial Services Commission chairman will naturally attend the meeting on the 18th," and "Our party does not oppose holding an inquiry on Sambu Construction."
He further explained, "If the floor leaders of both parties agree, the emergency inquiry title can be 'Homeplus, MBK, and Sambu Construction Emergency Inquiry.'"
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