MBK Partners, the major shareholder of Homeplus, clarified that some assertions made during a recent discussion on Homeplus's corporate rehabilitation held at the National Assembly were not true.
MBK stated in a report on the 7th, "The claim that Homeplus's management deterioration is due to excessive borrowing funds and asset sales is not true."
MBK cited a report from Samil Accounting Corporation, an independent investigative agency designated by the court, identifying the main causes of Homeplus's management crisis as ▲ rising minimum wage and increased fixed costs due to rent ▲ changes in consumer purchasing behavior due to the expansion of online distribution ▲ liquidity concerns stemming from a credit rating downgrade. It further explained that this is not just a problem for Homeplus, but a structural crisis faced by the entire offline retail industry.
Additionally, MBK argued that claims regarding the employment institutional sector and the asset-backed securities (ABSTB) were exaggerated. The company emphasized, "Homeplus has the smallest scale of workforce reduction compared to competitors, and it ensured that all employees were guaranteed jobs during the closure process," asserting that there was no artificial restructuring. It also added, "The asset-backed securities are not investment products directly issued by Homeplus, but rather financial investment products based on bonds acquired from card companies by a special purpose corporation (SPC) of Shinyoung Securities."
Regarding the dividends issue, MBK explained that it has never distributed dividends since the acquisition in 2015, respecting the union's demands. Concerning the Homeplus corporate rehabilitation process, it stated it is providing a financial support totaling 300 billion won, including 100 billion won from Chairman Kim Byeong-joo's private funds, along with a decision to cancel common shares worth 2.5 trillion won.
Furthermore, MBK explained that the ongoing pre-approval merger and acquisition (M&A) process for Homeplus is being conducted transparently under court supervision, prioritizing employment stability and not considering partitioning the sale. A representative from MBK noted, "Homeplus plans to actively participate in the 'coexistence discussion group' that discusses win-win strategies with the stakeholders proposed by Homeplus."
Earlier on the 1st, the Euljiro Committee of the Democratic Party of Korea held the second consecutive discussion titled 'Is MBK's sincerity about Homeplus's revival genuine or a scam?' at the National Assembly, urging for victim protection legislation and regulations on private equity funds, alongside calling for a hearing.
Chairperson Min Byeong-deok stated in the opening remarks, "The Homeplus incident is not merely a management failure, but a social issue where the short-term profit pursuit of private equity funds directly harmed the lives of workers and ordinary citizens." He remarked, "In the 10 years since the acquisition, MBK has reduced the number of stores from 141 to 126 as of last November, and the liability ratio was increased to 1,408%, leaving behind only debt and anxiety."