[2025 Audit] "While Enjoying Picasso, Workers Suffer"... MBK Criticized over 'Homeplus Crisis'

Criticism Over MBK's Collection of Picasso Prints and Luxury Cars
Kang Deukgu: "Executives Enjoy Themselves While Workers Lose Sleep"
Ahn Hoyoung: "A Hearing Will Be Held If Sudden Liquidation or Other Concerns Arise"

During the National Assembly audit on October 30, criticism was raised that while senior executives of MBK Partners, the major shareholder of Homeplus, indulge in Picasso paintings and luxury cars, they have been neglecting the suffering of Homeplus workers. MBK Partners issued an apology, stating that they would prioritize job security for workers throughout the corporate restructuring process.

Kim Kwangil, Vice Chairman of MBK Partners and Co-CEO of Homeplus, appeared as a witness at the comprehensive audit of the National Assembly's Climate, Energy, Environment, and Employment Labor Committee held that day. Kim Byungjoo, Chairman of MBK Partners, was absent.

First, Kim Taeseon, a lawmaker from the Democratic Party, criticized Chairman Kim's absence, stating, "The real person who will decide the future of Homeplus is Chairman Kim. His disregard for the National Assembly and his refusal to take responsibility before the public are absolutely unacceptable."

Kang Deukgu, another Democratic Party lawmaker, pointed out that while several Picasso prints are displayed in MBK’s conference room and Vice Chairman Kim collects luxury vehicles, the anxieties of Homeplus workers and small suppliers have not been alleviated.

Representative Kang emphasized, "While they enjoy Picasso prints and ride in luxury cars, Homeplus workers have been losing sleep, anxious and unable to rest, and small business owners have struggled with concerns about not being paid for their deliveries. Workers and suppliers are enduring sleepless nights, while MBK, after acquiring Homeplus, has made over 1 trillion won in what can only be described as predatory capital."

Kim Kwangil, Vice Chairman of MBK Partners, is attending the comprehensive audit held on the 30th at the National Assembly's Climate, Energy, Environment, and Employment Labor Committee, responding to lawmakers' questions. Photo by Yonhap News

Vice Chairman Kim responded, "I sincerely apologize for the Homeplus situation. I deeply apologize to everyone who has suffered as a result of Homeplus's restructuring," adding, "We will do our utmost to ensure that there are no unpaid wages and that payments to small suppliers are made."

There was also a warning about the possibility that MBK Partners might liquidate Homeplus if no buyer emerges. In such a scenario, approximately 100,000 Homeplus workers and store operators could lose their jobs.

Jung Hyekyung, a lawmaker from the Progressive Party, urged Minister of Employment and Labor Kim Younghoon to "quickly establish a comprehensive government-level response," while Kim Taeseon from the Democratic Party suggested, "If Homeplus suddenly announces a liquidation plan, we should summon Chairman Kim Byungjoo for a parliamentary hearing."

Ahn Hoyoung, Chairman of the National Assembly’s Climate and Labor Committee and a Democratic Party lawmaker, warned, "If these concerning scenarios unfold, we will consider appropriate measures, including holding a hearing," adding, "The ruling and opposition parties will also discuss whether to file a complaint against Chairman Kim."

Regarding the possibility of Nonghyup acquiring Homeplus, Vice Chairman Kim stated, "I am not in a position to comment on any particular buyer, but there is certainly potential for synergy," and emphasized, "Throughout the restructuring process and any subsequent mergers and acquisitions, ensuring job security for workers will be our top priority. This is a shared commitment among all of MBK Partners."

He reiterated, "Once again, I deeply apologize to all workers, stakeholders, suppliers, and the public who are suffering due to the Homeplus restructuring," adding, "Our utmost priority is to make every effort to ensure that workers are not harmed during this process."