Kim Byung-gi: "Does MBK Take the Legislature Lightly?... Investment Recovery Should Be Considered"

"Reversal of Promise to Postpone Homeplus Store Closures Made with the Ruling Party"

Kim Byung-gi, the floor leader of the Democratic Party of Korea, criticized Kim Byung-joo, chairman of MBK Partners, for reversing his promise during the National Assembly audit to postpone the closure of Homeplus stores, saying, "Do you take the legislature lightly?" He also urged relevant authorities, including the Fair Trade Commission, to impose strict sanctions on MBK, including the recovery of investment funds.

Jeong Cheong-rae, the leader of the Democratic Party of Korea, and Kim Byung-gi, the floor leader, are attending the Supreme Council meeting held at the National Assembly on October 15, 2025. Photo by Kim Hyun-min

At the Supreme Council meeting of the Democratic Party held at the National Assembly in Yeouido on October 15, Kim Byung-gi said, "Last month, I and other Democratic Party lawmakers visited the Homeplus headquarters and met with Chairman Kim. He said there was a preferred bidder and promised to postpone the closure of 15 stores, but yesterday he denied ever making such a statement."

He continued, "If evidence emerges that he made such a statement, will he take responsibility? Just a few days after the meeting, he reversed his words and switched to an open bidding process for a buyer. It is virtually impossible to find a buyer by November 10." He added, "This is likely a shameless 'eat-and-run' scenario, using this as a pretext to walk away. They will pretend to look for a buyer while actually seeking to use the court's liquidation decision."

Kim Byung-gi also said, "At the National Policy Committee audit yesterday, Chairman Kim claimed he had no responsibility for the acquisition and emphasized his pledge to contribute 500 billion won of his own funds. In reality, however, it is conditional or merely a guarantee. We will not tolerate such shamelessness, talking about social responsibility without actually spending a single won of his own money."

He emphasized, "I strongly urge relevant authorities, including the Fair Trade Commission, the Financial Services Commission, and the Financial Supervisory Service, to impose strict sanctions on MBK. I also call on the National Pension Service and financial institutions to actively consider recovering their investments in MBK in accordance with stewardship principles and responsible investment standards."

In conclusion, he stated, "We will respond firmly to ensure that such immoral private interest groups can never again accumulate wealth at the expense of the tears of small business owners and the self-employed."