MBK's Kim skips Homeplus audit; assembly weighs compulsory attendance
In short
MBK Partners chairman Kim Byung-ju did not appear at the National Assembly's industry committee audit on Oct 7, where he had been summoned as a witness over the Homeplus situation, and instead submitted a written statement of reasons. The committee said it would decide by the afternoon whether to issue a compulsory attendance order; a ruling-party lawmaker called for the order and a prosecution referral. Dong-A Ilbo reported that Kim cited the Homeplus rehabilitation process and his non-involvement in portfolio company management, and that Homeplus CEO and manager Cho Ju-yeon would attend in his place.
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MBK Partners chairman Kim Byung-ju did not appear at the National Assembly's audit on Oct 7, where the industry committee had summoned him as a witness over the Homeplus situation, Yonhap reported. The committee had adopted him to question him about emergency management-stabilisation funding and damage to tenants following the Homeplus case, but he filed a written statement of reasons instead. [ 3 ]
In that statement, Kim said he mainly handles fundraising and investor management at MBK and does not take part in the management of individual portfolio companies. He said Homeplus is currently in rehabilitation proceedings and is run by a court-supervised manager rather than by MBK, and that he could not give full answers, according to Yonhap. He added that he is under investigation over Homeplus-related matters and that testifying at the audit could affect the ongoing probe. [ 3 ]
Dong-A Ilbo reported that Kim submitted the absence reasons to the committee on Oct 4 and that Homeplus CEO and manager Cho Ju-yeon would attend the audit in his place. Yonhap did not mention Cho. [ 2 , 3 ]
Ruling-party lawmaker Woo Jae-joon, who had requested Kim as a witness, told the committee that the Homeplus case involved the country's wealthiest individual and small business owners' money, calling it an issue of national standing, Yonhap reported. He said Kim's reasons for not appearing were not acceptable and proposed that the committee pass a compulsory attendance order and refer him for prosecution if he fails to appear. [ 3 ]
Yonhap reported that the committee planned to decide during the afternoon whether to issue a compulsory attendance order if Kim did not appear. Korea Economic Daily also reported that the committee was reviewing the order, and had said on Oct 5 that the opposition was weighing such a step. [ 1 , 3 , 4 ]
Dong-A Ilbo reported that Kim has declined previous audit appearances, including the 2015 audit around the Homeplus acquisition and 2024 audits tied to the Korea Zinc management dispute, citing overseas trips; it said he also did not attend an urgent questioning session on the Homeplus case last year. [ 2 ]
Why it matters
The standoff puts a National Assembly audit against one of the region's largest private equity firms over the restructuring of a major retailer, and the committee's next move — a compulsory attendance order or a referral — determines whether the dispute escalates. For readers outside Korea the case is mainly a test of how far lawmakers can compel a foreign-invested fund's executives to testify about portfolio companies.
Key facts
- MBK Partners chairman Kim Byung-ju was adopted as a witness for the National Assembly audit into the Homeplus situation and did not attend on Oct 7. [ 3 , 4 ]
- Kim submitted a written statement of reasons for his absence rather than appearing. [ 1 , 2 , 3 ]
- In that statement Kim said he mainly handles fundraising and investor management at MBK and does not take part in the management of individual portfolio companies. [ 3 ]
- Kim said Homeplus is in rehabilitation proceedings and is run by a court-supervised manager rather than by MBK. [ 2 , 3 ]
- Kim also said he is under investigation over Homeplus-related matters and that testifying could affect the ongoing probe. [ 3 ]
- The committee planned to decide in the afternoon of Oct 7 whether to issue a compulsory attendance order if Kim did not appear. [ 3 ]
- Ruling-party lawmaker Woo Jae-joon, who requested Kim as a witness, proposed the attendance order and a referral if Kim fails to appear. [ 3 ]
- Dong-A Ilbo reported that Homeplus CEO and manager Cho Ju-yeon would attend the audit instead of Kim. [ 2 ]
Confirmed by several sources
- Kim Byung-ju did not attend the Oct 7 National Assembly audit at which he was a witness over the Homeplus situation. [ 3 , 4 ]
- He submitted a written statement of reasons for not attending. [ 2 , 3 ]
- Homeplus is in rehabilitation proceedings, as stated in Kim's absence statement and reported by outlets. [ 2 , 3 ]
Still unclear
- Whether the committee will issue a compulsory attendance order against Kim. Yonhap reported the committee would decide in the afternoon of Oct 7; no decision is given in the documents.
- Whether Kim is in fact uninvolved in portfolio company management and whether his testimony would affect an ongoing investigation. Both points come only from Kim's own absence statement, reported by a single outlet.
- Whether Homeplus CEO and manager Cho Ju-yeon will attend the audit in Kim's place. Reported by Dong-A Ilbo alone, without confirmation from the committee.
- Kim's record of skipping past audit appearances, including the 2015 Homeplus acquisition audit, 2024 Korea Zinc-related audits and a 2023 political affairs committee questioning. Stated only by Dong-A Ilbo in a summary of the case background.
What local media are saying
Timeline, local time
- Kim submits a written statement of reasons for not attending the audit to the National Assembly's industry committee (Oct 4, no time given). [ 2 ]
- Korea Economic Daily reports Kim submitted a written opinion on his absence and that the opposition is reviewing a compulsory attendance order (Oct 5). [ 1 ]
- Dong-A Ilbo reports the absence reason letter and Kim's record of missing past audits (Oct 6). [ 2 ]
- Yonhap reports Kim did not attend the audit; lawmaker Woo Jae-joon proposes a compulsory attendance order and a referral (Oct 7). [ 3 ]
- Korea Economic Daily reports the non-appearance and that the committee is reviewing a compulsory attendance order (Oct 7). [ 4 ]