"Negotiating with a buyer" quickly shifted to open bidding in just over 10 days
Lawmakers warn, "This is heading toward liquidation"
Chairman Kim: "Did not participate in Homeplus restructuring decisions"
On calls for more personal contribu
Kim Byungjoo, chairman of MBK Partners, the largest private equity fund (PEF) management firm in Northeast Asia, made his first appearance at a National Assembly audit in relation to the Homeplus crisis. He appealed that selling Homeplus was the only way to save the company, but lawmakers from both ruling and opposition parties criticized him for lacking sincerity.
On the 14th, Chairman Kim appeared as a witness at the National Assembly's Political Affairs Committee audit on the Fair Trade Commission and the Personal Information Protection Commission, where he faced intensive questioning regarding Homeplus. Previously, as the head of the largest PEF management firm in Korea, Kim had been summoned to the National Assembly audit whenever controversies arose regarding his portfolio companies, but he had always submitted statements of non-attendance and did not appear.
During the session, lawmakers delivered strong criticism. Namkeun Kim, a lawmaker from the Democratic Party, said, "On September 19, you told the floor leader of the ruling party that you were negotiating with a strong candidate, but within less than 20 days, you switched to an open bidding process. With about 20 days left before the final deadline for the pre-approval M&A, is it possible to find a new buyer through an open call?" He continued, "Upon checking, there were no interested buyers. Wasn't this a move with liquidation in mind from the beginning?"
In response, Chairman Kim said, "The Homeplus M&A must not fail, and it is crucial to make it happen. Please help as much as you can." Han-hong Yoon, chairman of the National Assembly's Political Affairs Committee (a lawmaker from the People Power Party), criticized Kim for only emphasizing the necessity of a sale as the sole solution.
Kim Kwangil, vice chairman of MBK Partners and co-CEO of Homeplus, was asked about the likelihood of a successful sale. He replied, "Currently, the probability is about half. We are at a stage where owner-level decision-makers at companies could make a decision, but we have not cleared the final hurdle. If we receive letters of intent (LOI) from buyers by the end of this month and submit them to the court, we will have grounds to request an extension for submitting the rehabilitation plan (the deadline is November 10, 2025)."
Lawmakers also criticized Chairman Kim for repeatedly stating that he was not directly involved in the Homeplus situation. When asked if he participated in Homeplus management decisions, Kim replied, "MBK is a PEF management firm, not a conglomerate, and I am not a conglomerate owner. Thirteen partner managers are each in charge of their own areas, and my responsibility is fundraising and investor relations." He added, "Still, this is my company, and I must fulfill my social responsibilities."
However, Kim drew a line regarding additional personal contributions or financial support from MBK. In response to related questions, he said, "Both the company and I have limited financial capacity. The valuation of my assets at 14 trillion won seems to be based on the corporate value, but since it is an unlisted company, I cannot sell the shares to realize assets, so I ask for your understanding."
Previously, MBK had injected 300 billion won into Homeplus for normalization efforts through loan guarantees and donations. Of this amount, 40 billion won reportedly came from Chairman Kim’s personal funds. MBK also announced that it would provide an additional donation of up to 200 billion won to Homeplus using fund management profits.
Kim Byungjoo, chairman of MBK Partners, is appearing as a witness at the National Assembly's Political Affairs Committee audit on the Fair Trade Commission and the Personal Information Protection Commission held on the 14th. 2025.10.14 Photo by Kim Hyunmin
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