Korea Business News Agency - NSP NEWS AGENCY.

(Seoul=NSP NEWS) = Amid escalating controversy surrounding the Homeplus situation, an increasing number of lawmakers in South Korea’s National Assembly are calling for a parliamentary hearing into MBK Partners (hereinafter “MBK”), the majority shareholder of Homeplus. Calls for accountability are growing, and momentum for the hearing continues to build.

On August 1, the Euljiro Committee of the Democratic Party, chaired by Representative Min Byung-deok, convened a public forum at the National Assembly Members' Office Building in Yeouido, Seoul. The event was held under the title: “MBK’s True Intentions—Reviving Homeplus or a Predatory Exit?” The forum aimed to scrutinize MBK’s handling of the retailer, especially in light of recent developments.

The event was prompted by MBK and Homeplus’s abrupt filing for corporate rehabilitation without prior consultation with existing creditors. The companies are currently pursuing a court-led “pre-approval M&A” process, which has raised alarms among lawmakers and civil society groups. Many believe that MBK’s true objective may not be corporate restructuring, but rather a swift exit following a sale—potentially leaving workers, store tenants, and investors behind.

The forum was chaired by Jung Yong-geon, Executive Chair of the National Action for Strengthening Public Pensions, and featured a keynote address by Baek Ju-seon, Managing Attorney at Daeyul Law Firm. Panelists included Ahn Soo-yong, Head of the Homeplus branch of the Mart Industry Union; Kim Byung-guk, Chair of the Emergency Council for Homeplus Store Tenants; Lee Ui-hwan, Executive Committee Member of the Victims’ Task Force on Homeplus Bond Schemes; Kim Deuk-ui, President of Financial Justice Solidarity; and Park Won-ik, Professor of Economics at Korea University.

Representative Min Byung-deok, who has been actively leading a series of public discussions on the Homeplus case, emphasized the need for accountability and transparency. “A resolution to this issue must begin with MBK acknowledging its role and responsibilities,” he said. “However, they continue to deny any wrongdoing. MBK has been lobbying lawmakers, claiming that a hearing would obstruct the M&A process. Our focus, however, is on securing justice and restitution for affected workers and investors. A parliamentary hearing is essential.”

Representative Kim Nam-geun echoed these sentiments, stating, “This is not merely about completing an M&A transaction. Job security for employees and the continued operation of in-store merchants must be guaranteed. A hearing will allow us to closely examine all aspects of the deal.”

Other lawmakers at the forum also voiced support for convening a hearing. Representative Kim Hyun-jung remarked, “We have witnessed repeated instances where private equity and speculative capital engaged in predatory practices. We will not be misled by MBK’s narrative.” Representative Park Hong-bae added, “If MBK’s intentions prove insincere, it is our constitutional duty to impose the necessary regulatory measures.”

Representative Kim Dong-ah shared a personal account: “As a member of the Trade, Industry, Energy, SMEs and Startups Committee, I once met with MBK’s Vice Chairman regarding their bid to acquire Korea Zinc. He used Homeplus as an example of successful mutual growth. Looking back, I realize those claims were blatantly false, and I am outraged.”

Representative Shin Jang-sik of the Rebuilding Korea Party also expressed his support for the hearing, aligning himself with the forum’s concerns.

According to lawmakers present, a parliamentary hearing into MBK’s conduct could move forward with bipartisan agreement. However, the process is currently stalled, as the ruling People Power Party has suspended negotiations, citing an ongoing investigation by the Financial Supervisory Service (FSS) into MBK’s activities.

By Geul-sam Kwon(gulsam2049@nspna.com) and Hanbin Ok(gksqls010@nspna.com)

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