Huh Young: "MBK Must Be Held Accountable for the Collapse of Homeplus Through a Parliamentary Hearing"

Livelihoods Pushed to the Brink by Closure of 15 Stores
Calls for Thorough Investigation and Cooperation from the People Power Party

Huh Young, Deputy Floor Policy Chief of the Democratic Party of Korea, on August 19 called for a parliamentary hearing on MBK to hold the company accountable for the collapse of Homeplus.

Huh Young, Deputy Floor Policy Chief of the Democratic Party of Korea (center) Photo by Yonhap News

At a party policy meeting held at the National Assembly that day, Deputy Chief Huh stated, "The collapse of Homeplus was caused by MBK's speculative management, and Chairman Kim Byungjoo must be held responsible through a parliamentary hearing on MBK."

He pointed out, "It has already been five months since MBK applied for corporate rehabilitation for Homeplus in March, but there is no sign of a resolution. The damage continues to be entirely passed on to Homeplus workers, store tenants, partner companies, and the local community."

Deputy Chief Huh emphasized, "This crisis was a tragedy foreseen from the moment MBK acquired Homeplus through a leveraged buyout ten years ago." He criticized, "MBK has neglected its responsibility to improve the company's fundamentals and prepare for the future, instead pursuing only short-term profits, selling off core assets, and laying off more than ten thousand workers." He added, "Recently, MBK announced the closure of as many as 15 stores, pushing workers and store owners to the brink of survival."

He stated, "The closure of a large supermarket is not simply the loss of a convenience facility. It is a serious disaster that wipes out local jobs and destroys the lives of tens of thousands of people."

He also called for a thorough investigation at the parliamentary level. Deputy Chief Huh said, "Parliamentary efforts to uncover the truth remain insufficient," and insisted, "Even now, Chairman Kim Byungjoo of MBK must be summoned to a hearing to fully reveal the irresponsible management and speculative practices." He stressed, "The National Assembly must not only provide measures to protect the victims but also correct the ongoing abuses of speculative capital. I expect and urge the active cooperation of the People Power Party."