MBK Urges Meritz to Support Homeplus Recovery Instead of Making Distorted Claims

"Stop the Misleading Asset Disputes"

MBK Partners, the largest shareholder of Homeplus, has refuted Meritz Financial Group's claims regarding Chairman Kim Byung-joo's wealth, calling them distorted allegations.

In a statement released on the afternoon of June 24, MBK said, "Meritz continues to distract from the real issue by engaging in another round of misleading debates about assets, all while ignoring the critical need for 200 billion won in working capital to revive Homeplus."

MBK emphasized, "The main issue under discussion is not the size of MBK Partners' assets under management, nor Chairman Kim Byung-joo's personal wealth," and requested, "We ask that you refrain from making any more distorted claims." The company added, "What truly matters is the recovery of Homeplus, which affects the livelihoods of over 10,000 employees, numerous partner companies, suppliers, and small business owners."

MBK also highlighted that both the firm and key management members have already shouldered a financial burden of approximately 400 billion won to help normalize Homeplus operations. Additionally, MBK stated that it has repeatedly informed Meritz of its willingness to provide a joint guarantee for 100 billion won if Meritz supplies 200 billion won in emergency working capital to Homeplus. MBK further noted, "The rehabilitation court has also requested that funds necessary for Homeplus's operations be secured by June 30."

Yonhap News Agency

MBK asserted that 200 billion won in emergency working capital is absolutely essential for Homeplus's recovery. MBK stated that both Homeplus and the General Labor Union have jointly urged Meritz to provide immediate funding support, remarking, "What Homeplus needs right now is not another statement or pointless dispute, but 200 billion won in emergency working capital."

MBK went on to criticize Meritz for its reluctance to provide support, pointing out that Meritz could realize additional profits in the billions of won if Homeplus is liquidated. MBK stated, "Meritz has secured a structure that would not only allow it to recover the full principal in the event of Homeplus's liquidation but also gain an extra profit of more than 500 billion won. Yet, it is still refusing to provide the 200 billion won in working capital necessary for Homeplus's recovery."

In conclusion, MBK stated, "What is needed now is not another round of distorted asset disputes, but action toward rehabilitation," and urged, "If Meritz truly wants Homeplus to recover, it should stop shifting responsibility and immediately step up to provide the 200 billion won in emergency working capital."

This content was produced with the assistance of AI translation services.