Homeplus General Union Meets Meritz Financial Group...Proposes Three-Party Meeting Including MBK

Meeting Between Mart Union and MBK Partners Vice Chairman Canceled

On July 14, the Homeplus General Union proposed a three-party meeting involving Meritz Financial Group, the largest creditor of Homeplus, and MBK Partners, the largest shareholder of Homeplus.

Union officials, including Lee Jongsung, head of the Homeplus General Union, met with Meritz Financial Group executives at the Seoul Southern District Office of the Ministry of Employment and Labor earlier that day. They stated, "We are currently waiting for responses from both Meritz and MBK."

Yonhap News Agency

Meritz Financial Group emphasized at the meeting that it had deposited an emergency operating fund (DIP) loan of 100 billion won into escrow, contingent upon guarantees by both MBK Partners and Byungju Kim, Chairman of MBK. They also asserted that MBK should provide the remaining necessary funds.

Chairman Lee stressed, "This is an issue that affects the livelihoods of 100,000 workers at a major company like Homeplus," adding, "This is not a matter that can be solved solely based on emotions or logic between MBK and Meritz." He urged both MBK and Meritz to shoulder a certain degree of moral responsibility and called for support.

Meanwhile, a scheduled meeting that day between Kwangil Kim, Vice Chairman of MBK Partners, and the Homeplus Branch of the Mart Industry Union of the Korean Confederation of Trade Unions (KCTU), was canceled. There are currently two unions at Homeplus: the Mart Union and the General Union.

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