MBK Partners Chairman Michael Byungju Kim was questioned at a parliamentary hearing this week about the private equity fund’s troubled affiliate, Home Plus, South Korea’s No. 2 hypermarket
chain. File Photo by Jeon Heon-kyun/EPA
SEOUL, Oct. 16 (UPI) -- MBK Partners Chairman Michael Byungju Kim appeared at a parliamentary hearing this week, at which he was questioned over the top South Korean private equity fund's troubled affiliate, Home Plus, the country's No. 2 discount chain.
Lawmakers from the ruling and opposition parties pressed Kim Tuesday with questions about how to stabilize Home Plus and protect the livelihoods of its tens of thousands of employees.
Kim apologized for the Home Plus crisis and vowed to assume "social responsibility." However, he refused to admit any direct responsibility for the problems of Home Plus, which is under a court receivership following continued losses during the past few years.
