[Alpha Biz= Kim Jisun] On May 19, legal sources confirmed that Kim Byung-joo, Chairman of MBK Partners, has been banned from leaving South Korea as part of an investigation into the so-called “Homeplus short-term bond incident.”
The Seoul Central District Prosecutors’ Office’s Anti-Corruption Investigation Division 3, led by Prosecutor Lee Seung-hak, recently requested the Ministry of Justice to issue the departure ban. Kim, a U.S. citizen, was subject to an exit restriction under the Immigration Control Act, which allows the Justice Minister to restrict the departure of foreign nationals if deemed necessary for an investigation.
In addition to Chairman Kim, MBK Vice Chairman and Homeplus Co-CEO Kim Kwang-il, and Homeplus CEO Cho Joo-yeon were also banned from leaving the country.
The move appears to reflect concerns that Kim, who has spent considerable time overseas, might leave again and disrupt the ongoing investigation.
On May 17, upon receiving a tip about Kim's return, prosecutors executed a search and seizure warrant at Incheon International Airport as Kim entered from London, reportedly securing his mobile phone and other materials as part of their probe.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
