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Photo = Yonhap news |
[Alpha Biz= Paul Lee] On the 28th, Lee Bok-hyun, the head of the Financial Supervisory Service (FSS), responded to concerns about the potential flight of Kim Byung-ju, chairman of MBK Partners, the largest shareholder of Homeplus. Lee acknowledged the concerns, stating that the FSS is "paying attention" to the situation and will continue its inspection of Homeplus and MBK Partners.
The remarks came during a National Assembly committee hearing, where Lee was questioned by Representative Kang Jun-hyun of the Democratic Party about Kim's frequent overseas trips and the possibility of him fleeing abroad. Kang suggested that a travel ban might be necessary, to which Lee responded, "I believe it will be up to the investigative agencies to make a determination."
Kang emphasized the importance of both holding MBK Partners and Homeplus accountable while also working to normalize Homeplus operations. He also pointed out that, despite Kim's previous behavior, there has been no news of his personal contribution to the company.
Lee also addressed allegations of fraudulent transactions involving Homeplus and MBK Partners, which have been referred to the prosecution. He noted that there are duties under the Capital Markets Act that these entities must fulfill and indicated that if any lapses are identified during the investigation, the entities could face administrative sanctions, even if criminal charges are not applicable. He added, "If any wrongdoing is found through the inspection process, we will hold them accountable."
Regarding concerns about foreign capital exercising control through private equity firms like MBK Partners, Lee acknowledged the need for stronger oversight. Kim Byung-hwan, chairman of the Financial Services Commission, also remarked that they are working on a proposal to improve transparency in private equity regulations, with further discussions planned with relevant government departments like the Ministry of Trade, Industry, and Energy.
Additionally, Lee was asked about the rapid rise in stock prices of companies associated with political figures in the run-up to the upcoming presidential election. He confirmed that the FSS is closely monitoring the situation, especially in light of the sharp rise in stocks tied to Lee Jae-myung, the Democratic Party's presidential candidate, which have surged up to 20 times their original value in just two weeks. Lee assured that the FSS is working to address the situation quickly to prevent potential harm to individual investors and prevent market manipulation.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
