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Byung-Joo Kim, Chairman of MBK Partners. (Photo courtesy of MBK Partners) |
[Alpha Biz= Paul Lee] MBK Partners has refuted media reports suggesting that Chairman Kim Byung-Joo declined to contribute personal funds to support the recovery of Homeplus.
In a statement issued on June 20, MBK acknowledged that a meeting had taken place at the National Assembly the previous day to discuss potential solutions for Homeplus's turnaround and to seek cooperation. However, the firm emphasized, “There were no requests or inquiries regarding a personal contribution from Chairman Kim during the meeting, nor did he express any stance on such a matter.”
The clarification comes in response to reports claiming that Kim had rejected a proposal—allegedly floated by some political figures—for him to contribute over 1 trillion won of personal funds to support Homeplus. MBK firmly denied these claims, stating that they had immediately moved to correct the record.
During the meeting, MBK reiterated that a pre-packaged M&A (merger and acquisition prior to court approval) is the best course of action for reviving Homeplus, aligning with recommendations from consulting firm Samil PwC. The firm also said it is prepared to write off its 2.5 trillion won equity investment.
MBK added, “Chairman Kim has already taken on personal financial burdens of over 100 billion won for Homeplus, while MBK as a firm has committed approximately 150 billion won—totaling about 300 billion won in financial support.”
On the matter of the rumored 1 trillion won personal contribution, MBK clarified that no such request was made or discussed. “Near the end of the meeting, a National Assembly official referenced a comment from 2015 when MBK acquired Homeplus, in which the firm committed to investing 1 trillion won in capital expenditure instead of extracting annual EBITDA of around 800 billion won. This appears to have been misunderstood as a pledge of personal funds,” MBK explained. “We corrected the misunderstanding and confirmed that nearly 1 trillion won has already been invested over the past decade to support the company's growth.”
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
