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(Seoul=NSP NEWS) = Lee Chan-jin, Financial Supervisory Service Governor, directly criticized the National Pension Service’s investment in MBK as inappropriate during the National Assembly’s Political Affairs Committee State Audit. Seo Won-ju, head of the National Pension Service’s Fund Management Division, apologized for the fund's investment in MBK.

At the National Assembly’s Political Affairs Committee State Audit held on the 21st, the director responded to Democratic Party of Korea lawmaker Kim Nam-geun's point that"there are many cases of private equity funds like MBK Group swindling companies, as in the Homeplus case. Regulation is necessary."

On this day, Kim Nam-geun, Democratic Party of Korea lawmaker, criticized, “MBK Partners damaged the corporate value and caused large-scale unemployment through asset sales and restructuring after acquiring Homeplus,” and “This method is an unethical investment behavior that only pursues short-term profits.”

He continued, “MBK’s acquisition of Homeplus, which is essentially a waste of money, is becoming a major social problem as it attempts to liquidate the company,” and pointed out that “they are maximizing short-term profits by using the LBO method, where private equity funds acquire companies and lend money using collateral.”

Prior to this, on the 20th, during the National Assembly's Political Affairs Committee State Audit, lawmakers also lambasted MBK's Homeplus rehabilitation plan. Appearing before the audit, Seo Won-ju, head of the National Pension Service's Fund Management Division, bowed his head and apologized, saying,"It was a significant investment failure.“

By Soon-ki Lee(s8789@nspna.com) and Eun-tae Kang(keepwatch@nspna.com)

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