South Korea Financial Supervisory Service (FSS) Issues Pre-Notice of Disciplinary Action (Including Potential Suspending New Business) to $30 Billion South Korea Private Equity Firm MBK Partners for Reclassifying Debt (Convertible Preferred Shares) as Equity for South Korea Discount Store Homeplus to Reduce Debt to Equity Ratio, MBK Partners Explains Terms were Revised to Avoid Credit Downgrade, Investor Group (Including MBK Partners, Temasek, CPPIB, PSIB) Acquired Homeplus for $6.1 Billion in 2015 from UK Retail Giant Tesco, Homeplus is under South Korea Supervised-Restructuring after Filing for Corporate Rehabilitation Program in 2025 March
25th November | Hong Kong
The South Korea Financial Supervisory Service (FSS) has issued a pre-notice of disciplinary action (Including possibly suspending new business) to South Korea private equity firm MBK Partners ($30 billion AUM) for reclassifying debt (Convertible preferred shares) as equity for South Korea discount store Homeplus to reduce the debt to equity ratio. MBK Partners explains the terms were revised to avoid a credit downgrade. In 2015, investor group (Including MBK Partners, Temasek, CPPIB, PSIB) acquired Homeplus for $6.1 billion from UK retail giant Tesco. Homeplus is currently under South Korea supervised-restructuring after filing for the corporate rehabilitation program in 2025 March. In 2025 May, South Korea-American billionaire with $9 billion fortune & South Korea private equity firm MBK Partners ($30 billion AUM) Chairman & Co-founder Michael ByungJu Kim was banned from leaving South Korea & prosecutors had obtained his mobile phone for investigation in a bond sale by a MBK Partners portfolio company. Michael ByungJu Kim was President of Carlyle Asia Partners, COO of Asia-Pacific Investment Banking for Salomon Smith Barney & Executive Director at Goldman Sachs. MBK Partners – With a dedicated focus on investments in North Asia – China, Japan and Korea – MBK Partners has offices in Beijing, Hong Kong, Seoul, Shanghai and Tokyo. Our investment teams are composed of local professionals with strong local relationships and market knowledge. Through a combination of our size and status as a local and independent firm, MBK Partners has a competitive advantage in sourcing, executing and managing its investments. Buyout investments in Korea are made out of Korea-registered funds managed in accordance with local regulatory requirements. MBK Partners invests in industry-leading companies and, in partnership with management, grows and creates value in the companies over the long term. The MBK Partners investment team works closely with management to develop strategy, optimize capital structure, adopt global best practices in operations, controls and corporate governance and pursue strategic growth opportunities to build value. Established in March 2005 by six founding members who worked together for many years at a global private equity organization, MBK Partners today has an investment team of 103 experienced professionals. Our investors include public pensions, sovereign wealth funds, financial institutions, corporate pensions, funds of funds and foundations/endowments from China, Japan, Korea, Southeast Asia, North America, Western Europe and the Middle East. Michael ByungJu Kim is a Partner and one of the founders of MBK Partners. Prior to MBK Partners, Mr. Kim was President of Carlyle Asia Partners and a member of The Carlyle Group’s Management Committee. Before Carlyle, he was Managing Director and COO of Asia-Pacific Investment Banking for Salomon Smith Barney and an Executive Director at Goldman, Sachs & Co. Mr. Kim has a BA with Honors from Haverford College, where he was a member of Phi Beta Kappa, and an MBA from Harvard Business School. He was also a Fulbright Scholar. Mr. Kim is chair of the boards of Haverford College and the MBK Scholarship Foundation. He also serves or has served on the boards of the Metropolitan Museum of Art, Carnegie Hall, the New York Public Library, Harvard Business School, the Asia Business Leaders Advisory Council and the Temasek Philanthropy Asia Alliance. In 2024 November, Korea Zinc ($15 billion market value) cancelled a $1.8 billion new share sale after triggering unfair practice investigation by South Korea regulator. In 2024 September, private equity firm MBK Partners & South Korea conglomerate Young Poong Group raise buyout offer by 13.6% to $11.6 billion to buy world’s largest zinc smelter Korea Zinc in hostile takeover. Young Poong Group is currently Korea Zinc largest shareholder, and minority shareholders include Trafigura Group, Hanwha & LG Chem. Korea Zinc produces 5% of global refined zinc. Private equity firm MBK Partners has around $30 billion AUM. Korea Zinc Outside Directors: “Greetings shareholders and stakeholders of Korea Zinc. We are the outside directors of the Company, namely Yong-Rak Sung, Do-Hyun Kim, Bo-Young Kim, Min-Ho Lee, Dae-Won Seo, Soon-Beom Kwon, and Deok-Nam Hwang. As outside directors of Korea Zinc, we are proudly committed to serving the interests of, and enhancing value for, all shareholders of Korea Zinc, not just certain major shareholders, based on our expertise spanning the public sector, legal field, and academia. Furthermore, we can attest that Company management has hitherto maintained sound operations under the diligent oversight and monitoring of outside directors. Upon the unanticipated tender offer of Young Poong, a shareholder of the Company, together with a private equity fund, we rigorously deliberated on the offer from the standpoint of shareholder interests. Our conclusion is that we unanimously and emphatically object to the uninvited offer. The offer threatens to undermine the value of Korea Zinc as a private equity fund’s hostile takeover attempt.”
“ South Korea Financial Supervisory Service (FSS) Issues Pre-Notice of Disciplinary Action (Including Potential Suspending New Business) to $30 Billion South Korea Private Equity Firm MBK Partners for Reclassifying Debt (Convertible Preferred Shares) as Equity for South Korea Discount Store Homeplus to Reduce Debt to Equity Ratio, MBK Partners Explains Terms were Revised to Avoid Credit Downgrade, Investor Group (Including MBK Partners, Temasek, CPPIB, PSIB) Acquired Homeplus for $6.1 Billion in 2015 from UK Retail Giant Tesco, Homeplus is under South Korea Supervised-Restructuring after Filing for Corporate Rehabilitation Program in 2025 March “
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South Korea-American Billionaire with $9 Billion Fortune & $30 Billion South Korea Private Equity Firm MBK Partners Chairman & Co-Founder Michael ByungJu Kim Banned from Leaving South Korea & Prosecutors Obtained His Mobile Phone for Investigation in Bond Sale by a MBK Partners Portfolio Company, Michael ByungJu Kim was President of Carlyle Asia Partners, COO of Asia-Pacific Investment Banking for Salomon Smith Barney & Executive Director at Goldman Sachs
21st May 2025 – South Korea-American billionaire with $9 billion fortune & South Korea private equity firm MBK Partners ($30 billion AUM) Chairman & Co-founder Michael ByungJu Kim has been banned from leaving South Korea & prosecutors had obtained his mobile phone for investigation in a bond sale by a MBK Partners portfolio company. Michael ByungJu Kim was President of Carlyle Asia Partners, COO of Asia-Pacific Investment Banking for Salomon Smith Barney & Executive Director at Goldman Sachs. MBK Partners – With a dedicated focus on investments in North Asia – China, Japan and Korea – MBK Partners has offices in Beijing, Hong Kong, Seoul, Shanghai and Tokyo. Our investment teams are composed of local professionals with strong local relationships and market knowledge. Through a combination of our size and status as a local and independent firm, MBK Partners has a competitive advantage in sourcing, executing and managing its investments. Buyout investments in Korea are made out of Korea-registered funds managed in accordance with local regulatory requirements. MBK Partners invests in industry-leading companies and, in partnership with management, grows and creates value in the companies over the long term. The MBK Partners investment team works closely with management to develop strategy, optimize capital structure, adopt global best practices in operations, controls and corporate governance and pursue strategic growth opportunities to build value. Established in March 2005 by six founding members who worked together for many years at a global private equity organization, MBK Partners today has an investment team of 103 experienced professionals. Our investors include public pensions, sovereign wealth funds, financial institutions, corporate pensions, funds of funds and foundations/endowments from China, Japan, Korea, Southeast Asia, North America, Western Europe and the Middle East. Michael ByungJu Kim is a Partner and one of the founders of MBK Partners. Prior to MBK Partners, Mr. Kim was President of Carlyle Asia Partners and a member of The Carlyle Group’s Management Committee. Before Carlyle, he was Managing Director and COO of Asia-Pacific Investment Banking for Salomon Smith Barney and an Executive Director at Goldman, Sachs & Co. Mr. Kim has a BA with Honors from Haverford College, where he was a member of Phi Beta Kappa, and an MBA from Harvard Business School. He was also a Fulbright Scholar. Mr. Kim is chair of the boards of Haverford College and the MBK Scholarship Foundation. He also serves or has served on the boards of the Metropolitan Museum of Art, Carnegie Hall, the New York Public Library, Harvard Business School, the Asia Business Leaders Advisory Council and the Temasek Philanthropy Asia Alliance. In 2024 November, Korea Zinc ($15 billion market value) cancelled a $1.8 billion new share sale after triggering unfair practice investigation by South Korea regulator. In 2024 September, private equity firm MBK Partners & South Korea conglomerate Young Poong Group raise buyout offer by 13.6% to $11.6 billion to buy world’s largest zinc smelter Korea Zinc in hostile takeover. Young Poong Group is currently Korea Zinc largest shareholder, and minority shareholders include Trafigura Group, Hanwha & LG Chem. Korea Zinc produces 5% of global refined zinc. Private equity firm MBK Partners has around $30 billion AUM. Korea Zinc Outside Directors: “Greetings shareholders and stakeholders of Korea Zinc. We are the outside directors of the Company, namely Yong-Rak Sung, Do-Hyun Kim, Bo-Young Kim, Min-Ho Lee, Dae-Won Seo, Soon-Beom Kwon, and Deok-Nam Hwang. As outside directors of Korea Zinc, we are proudly committed to serving the interests of, and enhancing value for, all shareholders of Korea Zinc, not just certain major shareholders, based on our expertise spanning the public sector, legal field, and academia. Furthermore, we can attest that Company management has hitherto maintained sound operations under the diligent oversight and monitoring of outside directors. Upon the unanticipated tender offer of Young Poong, a shareholder of the Company, together with a private equity fund, we rigorously deliberated on the offer from the standpoint of shareholder interests. Our conclusion is that we unanimously and emphatically object to the uninvited offer. The offer threatens to undermine the value of Korea Zinc as a private equity fund’s hostile takeover attempt.”
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