MBK Kim Byeong-ju (Chairman) submits statement of reasons for absence from National Assembly audit… “Long-term participation in Homeplus board of directors in the past”

*This content was translated by AI.

It has been confirmed that Kim Byung-ju, chairman of MBK Partners, served as a member of the Homeplus board of directors for more than five years. Given that Kim (Chairman) recently submitted a statement of reasons for absence from the National Assembly audit and reiterated that he is not currently involved in Homeplus management, this information appears puzzling.

According to the corporate registration certificate for Homeplus on the 6th, Kim (Chairman) was appointed as a director of Gi Ta-bi (SVP) on October 22, 2015, immediately after MBK acquired Homeplus. After resigning on May 29, 2018, he was reappointed on the same day and served until his term expired on May 31, 2021. This is interpreted as having effectively participated in the Homeplus board of directors for approximately five years and seven months.

Although Kim (Chairman) was not an inside director who directly executed daily operations, the fact that he served for a long period as a formal member of the board of directors, which is the company’s key decision-making body, confirms that he participated as a board member for a considerable time after MBK’s acquisition.

In his statement of reasons for absence from this year’s National Assembly audit, Kim (Chairman) stated, “I am not involved in the management of individual portfolio companies,” and included content to the effect that Homeplus is also being operated by an administrator under rehabilitation proceedings, meaning MBK is not involved in its management. This effectively explained the reason for his absence based on the current situation.

Therefore, it is difficult to immediately view the explanation in the statement of reasons for absence as contradicting his past board participation history. However, separate from the explanation that he has stepped back from the front lines of management currently, questions remain regarding how far and at what point the relationship between MBK and Homeplus management should be viewed, given that key figures including Kim (Chairman) have long participated in Homeplus’s board of directors and audit bodies since MBK’s acquisition.

In fact, not only Kim (Chairman), but also other current and former key MBK personnel participated in the Homeplus board of directors from immediately after the acquisition.

Kim Gwang-il, vice chairman of MBK Partners, was appointed as a director of Homeplus Gi Ta-bi (SVP) on October 22, 2015. He resigned and was reappointed simultaneously on May 29, 2018, and after being re-elected on May 31, 2021, he served as a Gi Ta-bi (SVP) director until January 31, 2024.

Subsequently, Vice Chairman Kim was appointed as an inside director and representative director of Homeplus on January 31, 2024. A figure who entered the board immediately after MBK’s acquisition directly took on the role of representative director approximately eight years and three months later.

At the time of the Homeplus acquisition, former partner Park Taehyun and current partner Min Byung-seok, among other current and former MBK personnel, were also appointed as directors, and current MBK partner Lee In-kyung was appointed as an auditor.

Although Homeplus is currently under rehabilitation proceedings and being operated by an administrator, it is confirmed through registration that key MBK executives have long participated in Homeplus’s board of directors and audit bodies from immediately after the acquisition.

An industry official pointed out, “Separate from whether there is current management involvement, there are indications that it is necessary to examine what role MBK personnel played in the key decision-making processes leading up to Homeplus’s current crisis, and whether they bear any responsibility for it.”

Separate from the claim that MBK is not currently involved in Homeplus management, given that key figures including Kim (Chairman) have long participated in the board of directors and other bodies, issues regarding their past roles and scope of responsibility concerning Homeplus’s current situation are expected to continue.

Meanwhile, regarding Kim (Chairman)’s absence from the National Assembly audit, Koo Ja-geun, a member of the People Power Party (National Assembly Industry, Trade, Energy and Small/Medium Venture Committee vice-chairman), said, “They say it is difficult for Kim Byeong-ju (Chairman) to attend because he is under investigation,” adding, “Absence is an act of disregarding the National Assembly and the citizens who seek the truth through the National Assembly.” He further added, “I request that you pass a resolution to file a complaint and ensure his attendance at the final audit session.”

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*This content was translated by AI.