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Photo = Homeplus |
[Alpha Biz= Paul Lee] A coalition of securities firms, including Shin Young Securities, is taking legal action against Homeplus and its management, alleging fraud related to asset-backed short-term bonds (ABSTBs).
According to the financial investment industry on Monday, Shin Young Securities, which issued the ABSTBs, along with Hana Securities, Eugene Investment & Securities, and Hyundai Motor Securities, which sold the bonds, have filed a criminal complaint against Homeplus management for violations of the Act on the Aggravated Punishment of Specific Economic Crimes (fraud). The group has retained the law firm Yulchon to handle the case.
The securities firms had initially refrained from legal action, hoping for voluntary compensation from Homeplus. However, they decided to proceed with the complaint after Homeplus classified ABSTBs as trade receivables but failed to provide a clear repayment plan.
Notably, MBK Partners, the private equity firm that owns Homeplus, has been excluded from the complaint. The securities firms determined that it was currently difficult to establish Chairman Kim Byung-joo’s direct involvement in the issue.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
