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MBK Partners Chairman Kim Byung-joo faces (Photo = MBK Partners) |
[Alpha Biz= Paul Lee] Seoul, October 12 — South Korea’s National Assembly is preparing an all-out probe into Kim Byung-joo, Chairman of MBK Partners, as four parliamentary committees — including the National Policy Committee, which oversees the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) — have summoned him as a witness.
The move underscores growing scrutiny over the social responsibility of private equity funds (PEFs) in light of Homeplus’s court receivership and the Lotte Card data breach scandal, both linked to MBK’s portfolio companies. These issues are expected to dominate the Yoon administration’s first financial oversight hearings.
According to parliamentary and industry sources, the National Policy Committee will hold its FSC audit on October 20, followed by the FSS audit on October 21, and conclude with a comprehensive hearing on October 27. With FSC Chairman Lee Eok-won and FSS Governor Lee Chan-jin set to face lawmakers for the first time since taking office, intense questioning on financial policy and regulatory oversight is anticipated.
A key focus will be on institutional-only PEFs, particularly MBK’s management practices. Out of 41 witnesses approved for the hearings, Kim Byung-joo’s inclusion has drawn the most attention. Lawmakers are expected to question MBK’s handling of Homeplus’s insolvency and its role in the recent Lotte Card mass data leak that affected millions of users.
In addition to the financial committees, Kim has also been listed as a witness for the Fair Trade Commission and Personal Information Protection Commission audits scheduled for October 14. Other committees — including the Environment and Labor Committee, the Science, ICT, Broadcasting and Communications Committee, and the Health and Welfare Committee — are reportedly coordinating their own inquiries into MBK’s investment and governance practices.
Observers note that the upcoming sessions could mark one of the most comprehensive parliamentary reviews of private equity accountability in recent years, with implications for South Korea’s broader debate on financial ethics and corporate governance.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
