Corry Zinc and Homeplus Unions Unite, Calling for Resolution of Homeplus Crisis and Cessation of MBK's Hostile Takeover Attempt on Corry Zinc

*This content was translated by AI.

The Homeplus branch of the Mart Industry Labor Union under the Democratic Confederation of Trade Unions and the Corry Zinc Labor Union under the Korean Confederation of Trade Unions have formed their first joint united front and are intensifying their offensive against private equity firm MBK Partners.

On the afternoon of the 30th of last month, the Homeplus branch of the Mart Industry Labor Union and the Corry Zinc Labor Union held a joint press conference at the Homeplus hunger strike site in Gwanghwamun Square, Seoul, titled "Demanding MBK's Resolution of the Homeplus Crisis and Cessation of Hostile Takeover Attempt on Corry Zinc," declaring a joint struggle.

Ahn Soo-yong, head of the Homeplus branch of the Mart Industry Labor Union, stated, "Although we are workers at different workplaces, we are suffering together in the face of the same capital's greed." He added, "While corporations have shirked their responsibility to nurture businesses and protect workers and local communities, workers' lives are being pushed to the brink by MBK, a speculative capital that engages in corporate hunting solely for profit."

He further argued, "Since MBK acquired Homeplus, assets and real estate have been continuously sold off over the past decade, resulting in the closure of numerous stores and forcing workers to lose their workplaces or leave their communities."

Branch head Ahn criticized, "Although Homeplus has entered the reorganization process and faces liquidation, MBK is evading responsibility. Instead of making genuine efforts to save Homeplus, while shifting responsibility to the creditor group over emergency operating funds, workers are worried about their daily survival."

The Corry Zinc Labor Union also characterized the Homeplus crisis as a result of MBK's corporate management practices and appealed that Corry Zinc is facing the same crisis.

Lee Eun-seon, a representative of Corry Zinc, said, "The tragedy of Homeplus is living proof of what happens when speculative capital like MBK hunts companies." She added, "Corry Zinc is also in a critical crisis, on the verge of falling into the same playground for speculative capital."

She continued, "The reality that Homeplus workers are continuing their fourth hunger strike, an extreme form of struggle, is by no means a problem unique to Homeplus." She demanded, "The government and the ruling party must fulfill their promises to resolve the Homeplus crisis and establish practical measures to prevent recurrence of private equity firms' indiscriminate corporate hunting and capital flight."

Both sides, in a joint statement released on this day, argued that MBK's attempt to secure management control of Corry Zinc undermines the competitiveness of national core industries and threatens workers' employment and right to survival.

The union stated, "Corry Zinc, the world's largest comprehensive non-ferrous metal smelting company and a key player in the strategic mineral supply chain, is in a critical crisis of falling into the playground of speculative capital." They further claimed, "MBK's hostile public takeover, allegations of insider trading, and attempts to seize control of the board of directors are anti-national and anti-labor behaviors that undermine the competitiveness of national core industries and push workers' survival rights to the brink."

They also declared, "The struggle of Homeplus workers is the struggle of Corry Zinc workers, and the fight of Corry Zinc workers is also the fight of Homeplus workers. We will stand in solidarity until a society is established where labor, industry, and the lives of citizens are respected, rather than the greed of speculative capital."

As their joint demands, they called for: ▲Immediate cessation of MBK's attempt to seize management control of Corry Zinc; ▲Fulfillment of the government and the Democratic Party of Korea's promises to resolve the Homeplus crisis; and ▲Establishment of practical measures to prevent recurrence of private equity firms' corporate hunting and so-called "capital flight."

Meanwhile, on the morning of this day, a preparatory meeting of all political parties for the establishment of a National Assembly mediation and social dialogue mechanism to prevent Homeplus reorganization and large-scale unemployment was held at the National Assembly. Five political parties—the Democratic Party of Korea, Rebuilding Korea Party, Progressive Party, Social Democratic Party, and Basic Income Party—discussed joint response measures for Homeplus reorganization.

On this day, Homeplus submitted a revised reorganization plan amendment to the Seoul Bankruptcy Court. The amendment reportedly includes self-help measures implemented since the commencement of the reorganization process, such as store downsizing, workforce reductions, and divestment of business units.

Meanwhile, MBK has maintained its position that it is diligently participating in the reorganization process to restore Homeplus's normalcy and that its investment in Corry Zinc is a lawful investment activity.

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*This content was translated by AI.