Lee Bokhyun: "Concrete Evidence Secured Against MBK and Homeplus, Referred to Prosecution"

On April 24, Lee Bokhyun, Governor of the Financial Supervisory Service, stated, "We have secured concrete evidence that MBK Partners and Homeplus were aware of the credit rating downgrade in advance and had been planning to file for corporate rehabilitation well ahead of time. We have referred this evidence to the prosecution."

During a briefing on capital market issues held at the Financial Supervisory Service in Yeouido that morning, Governor Lee addressed the Homeplus situation, saying, "At least until the end of May, we will continue to operate the task force (TF) to actively cooperate with the prosecution's investigation. At the same time, we will continue to investigate MBK and others, as well as conduct accounting audits of Homeplus, to thoroughly clarify the illegal suspicions that have been raised."

Previously, on April 21, the financial authorities urgently referred the investigation into fraudulent and unfair trading allegations involving Homeplus and the management of its major shareholder, MBK Partners, to the prosecution via a fast-track procedure.

Governor Lee criticized, "Given the actions of MBK and Homeplus after filing for rehabilitation, it is hard to shake the feeling that the roles of debtor, major shareholder, and creditors have been reversed." He further pointed out, "Contrary to their repeated announcements that they would make normal payments on trade payables, the process is being delayed, causing continued anxiety among suppliers. Since March, they have unilaterally demanded rent reductions from landlords without paying rent." He added, "This situation, in which suppliers, landlords, and creditors are being forced to make sacrifices while MBK and Homeplus seem to evade their own responsibilities, is turning previous concerns into reality."

He continued, "If this deadlock drags on into May and June, there is concern that, during the court's future process of agreeing on the rehabilitation plan, creditors and others may paradoxically be blamed for delays in normalization and be pressured to make further concessions." He urged MBK Partners to take effective and sincere action to resolve the situation.

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