According to SBS coverage, the 3rd anti-corruption division of the Seoul Central District Prosecutors’ Office (acting chief prosecutor Kim Bong-jin) today requested arrest warrants for Chairman Kim and Vice Chairman Kim on charges of fraud under the Aggravated Punishment Act for Specific Economic Crimes and violation of the Capital Markets Act.
Prosecutors believe that Homeplus and its major shareholder, MBK, issued a large amount of bonds last year despite being aware of the possibility of a credit rating downgrade, and later applied for corporate rehabilitation, causing losses to bond investors.
During the investigation, the prosecution discovered many circumstances in which MBK executives, including Chairman Kim, were directly briefed on Homeplus’ management deficit since the end of 2023.
Prosecutors also believe that MBK’s leadership would have been aware of the high possibility of Homeplus’ credit rating being downgraded by at least mid-February 2025.
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