Ruling and Opposition Parties Unite in Calling for "Criminal Charges and Hearing" Against Kim Byung-joo, MBK Chairman, for 'Witness No-Show'

Kim Byung-joo, Chairman of MBK, Absent from Emergency Inquiry
Both Ruling and Opposition Parties Criticize His "Disrespectful Attitude Toward the National Assembly"
Criminal Charges and Separate Hearing Under Consideration

The National Assembly's Political Affairs Committee arranged an emergency inquiry session regarding the 'Homeplus incident,' but the key witness, Kim Byung-joo, Chairman of MBK Partners, did not attend. Lawmakers from both ruling and opposition parties criticized Chairman Kim for skipping the session due to an overseas business trip, calling it a "disrespectful attitude toward the National Assembly," and agreed to pursue criminal charges as well as hold a separate hearing.

On the morning of the 18th, the Political Affairs Committee held a plenary meeting at the National Assembly in Seoul and conducted an emergency inquiry related to 'Homeplus, MBK Partners, and Sambutogeon.' Kim Kwang-il, Vice Chairman of MBK Partners and Co-CEO of Homeplus; Cho Joo-yeon, Co-CEO of Homeplus; Geum Jeong-ho, President of Shin Young Securities; and Kang Kyung-mo, Vice Chairman of the Homeplus Tenant Association appeared as witnesses. Chairman Kim submitted a letter of absence, citing a business trip to Shanghai and Hong Kong from the 17th to the 19th, and did not respond.

Chairman Yoon Han-hong is tapping the gavel during a current issue inquiry on Homeplus corporate rehabilitation procedures at the Political Affairs Committee held at the National Assembly on the 18th. Photo by Yonhap News

Kang Min-guk, the ruling party's Political Affairs Committee secretary, said, "The public's anger toward Chairman Kim, a 'black-haired foreigner,' seems to be sky-high," adding, "He is completely ignoring the National Assembly's summons. We will continue to hold hearings until he appears, and if that is not enough, we hope to conduct a state audit as well." Kang Jun-hyun, the opposition party's Political Affairs Committee secretary, also stated, "Including criminal charges, we will comprehensively decide on hearings and other measures before concluding the emergency inquiry, in consultation between the ruling and opposition secretaries."

It is noteworthy that both ruling and opposition parties strongly criticized Chairman Kim's absence. Yoo Young-ha, a member of the ruling party, said, "I believe MBK, the largest shareholder, bears the greatest responsibility for the management collapse of Homeplus, currently the second-largest domestic hypermarket," and pointed out, "However, Chairman Kim tried to evade the meeting by using a business trip as an excuse. This is a highly disrespectful attitude toward the National Assembly."

Kang Hoon-sik, a member of the opposition party, emphasized, "(MBK) is avoiding responsibility for the Homeplus incident, which has caused many victims, by saying they are 'not involved in individual businesses,'" adding, "We must not neglect private equity funds that consistently show such irresponsible attitudes amid an environment where small business owners and self-employed people are struggling."

Earlier, on the 16th, MBK Partners announced in a statement, "Chairman Kim will arrange financial support to promptly pay settlement funds to small business partners expected to face difficulties." However, they did not disclose the specific amount of personal funds to be contributed. Opposition party lawmakers on the Political Affairs Committee held a press conference the day before, criticizing, "The sincerity is questionable," and stating, "Promises made just to avoid the storm cannot evade responsibility."