Yeo "MBK Kim Byung-joo's personal investment raises doubts about sincerity... Criminal liability if absent from National Assembly"

Democratic Party's Kim Hyunjung Holds National Assembly Press Conference
"Trying to Avoid the Rain"... "Irresponsible"
"Criminal Liability if Absent from Tomorrow's Political Affairs Committee"

Kim Byung-joo, chairman of MBK Partners, announced his intention to contribute personal funds in relation to the 'Homeplus incident.' The Democratic Party of Korea responded by stating, "There is no specific explanation regarding the timing or method," and demanded, "Please disclose a clear plan for capital injection." They also emphasized that if Chairman Kim does not attend the National Assembly's Political Affairs Committee's urgent inquiry on the 18th, criminal and administrative responsibilities will be pursued through bipartisan agreement.

On the morning of the 17th, Kim Hyun-jung, a member of the Democratic Party in the National Assembly's Political Affairs Committee, held a press conference at the National Assembly, saying, "Yesterday, MBK Chairman Kim Byung-joo announced that he would contribute personal funds to support payment settlements for small business owners," and pointed out, "however, upon closer examination, there is no specific explanation regarding the timing or method, and there is no mention of other damages beyond support for small business owners' payment settlements.

Yonhap News

Rep. Kim stated, "The sincerity is questionable," and emphasized, "As social criticism intensifies and strong investigations by the Financial Supervisory Service and the National Tax Service are anticipated, a promise to contribute personal funds merely to 'avoid the pouring rain' cannot absolve MBK of responsibility for its irresponsible behavior."

He continued, "If there is a genuine intention to contribute or invest personal funds, specific details about the scale of the contribution and a commitment to resolve issues concerning the securitized bond investors, who are expected to suffer the greatest damage, must be disclosed," adding, "Since small business owners must be protected, individual investors who have paid Homeplus product payments on their behalf should also be protected."

Rep. Kim said, "Looking at the sudden filing for rehabilitation by Homeplus and its recent actions, there are signs that suggest fraud in various places," and added, "there is no precedent for applying for rehabilitation procedures without self-help efforts involving shareholders sharing the pain. We urge MBK to disclose a definite promise and capital injection plan that can restore market trust even at this stage."

The National Assembly plans to hold a full meeting of the Political Affairs Committee on the 18th to conduct an urgent inquiry related to Chairman Kim's personal fund contribution and the Homeplus incident. However, Chairman Kim has submitted a letter of absence citing overseas business trips as the reason, making it likely that he will not attend on that day. It is known that Chairman Kim will be traveling to Shanghai and Hong Kong this week.

Democratic Party lawmaker Kim Nam-geun explained at a press conference that day, "If Chairman Kim does not attend the Political Affairs Committee's urgent inquiry, we will seek to hold him criminally and administratively accountable through bipartisan agreement, and if necessary, we will prepare focused urgent inquiries into MBK again."