Latest news with #MBK
UPI
23-07-2025
- Business
- UPI
Korea's private equity funds facing more regulations
A banner hangs at the head office of MBK Partners in Seoul, criticizing the private equity fund's investment in Home Plus. Unionists of the discount chain made it. Photo by Tae-gyu Kim/UPI July 23 (UPI) -- South Korea plans to strengthen regulations on private equity funds after the controversial investment by MBK Partners in troubled Home Plus, the country's second-largest discount chain. Rep. Min Byung-duk of the governing Democratic Party proposed a bill on Wednesday designed to require private equity companies to disclose information at the same level as publicly offered funds. If the bill is passed, private equity funds will have to unveil quarterly investment reports, submit periodic business reports, disclose material information when necessary, and undergo financial audits. "Concerns over investor losses have been repeatedly raised because of opaque management practices, conflicts of interest, and information asymmetry in private equity funds," Min said in a statement. He works for the National Policy Committee of the Assembly. "The new bill marks a first step toward restoring trust in the capital market by establishing new disclosure standards for private equity funds, addressing information imbalances, and safeguarding investors' right to know," he added. There seems to be a high possibility that the country's unicameral parliament will pass the bill in consideration of the response of the ruling party and the main opposition People Power Party. A total of 15 lawmakers from the Democratic Party took part in drafting and introducing the legislative measure. The People Power Party has also been critical of private equity funds and disapproved MBK over Home Plus issues. "We will review the proposed bill. Basically, we also agree that the country should beef up regulations on private equity funds," Rep. Kang Min-kuk from the People Power Party told UPI. He leads the party at the National Policy Committee. In 2015, MBK took over Home Plus from Tesco for $5.1 billion, using a mix of equity and debt to finance what was the country's largest buyout deal at the time. But its performance deteriorated after the COVID-19 pandemic in the early 2020s. Against this backdrop, Home Plus filed for corporate rehabilitation in March. Last month, MBK came up with a decision to write off its entire stake in Home Plus worth $1.8 billion to help the retailer get back on the right track. However, MBK and its founding Chairman Michael Byungju Kim have been urged to do more. Comments from MBK were not available.
Miami Herald
09-07-2025
- Business
- Miami Herald
MBK Partners urged to repay debts owed to individual investors
SEOUL, July 9 (UPI) -- A lawyer whose firm is suing MBK Partners over investor losses has urged the financial company to repay debts owed to those who purchased asset-backed bonds related to Home Plus, South Korea's troubled discount chain. LawVax attorney Jang Jin-seok stated that position during an interview with UPI on Tuesday. The Seoul-based law firm filed a criminal complaint with the prosecutors late last month against senior executives of MBK and Home Plus. Included in them were MBK Chairman Michael Byungju Kim and Home Plus co-CEOs Kim Kwang-il and Joh Joo-yun. The complaint alleges that they issued or helped issue commercial papers and asset-backed, short-term bonds knowing that Home Plus lacked the capacity to repay them, causing investors to lose about $400 million. "Due to mounting losses and deteriorating credit ratings, Home Plus relied on short-term funding to stay afloat, and toward that end, it devised unique asset-based bonds, which attracted individual investors," Jang said. "And all of a sudden, Home Plus filed for corporate rehabilitation in early March, just after its credit ratings downgrade. This indicates that the retail chain had no intention of repaying its debts. At the very least, MBK and Home Plus must address this issue," he said. Home Plus refuted Jang's claims. "Home Plus made every effort to turn the business around to the last minute, as shown by its attempts to reduce debt ratios," a company spokesperson said in a phone interview. "However, these efforts were not fully effective, as the virus pandemic and the rise of e-commerce continued to negatively impact our business," he said. Home Plus noted that its debt ratio improved to 462% as of this January, compared to 1,506% in the same period of 2024. MBK acquired Home Plus from Tesco in 2015 for $5.1 billion. However, the company has been in steady decline, particularly since 2021, posting consecutive annual losses. Its operations suffered due to the COVID-19 pandemic and the rapid rise of online retailers like Coupang, which eroded its traditional brick-and-mortar business model. On Feb. 28, South Korea's credit rating agencies downgraded Home Plus's corporate rating from A3 to A3-. Four days later, it filed for corporate rehabilitation with the Seoul Bankruptcy Court. "It seems that MBK gave up Home Plus last year and dispatched Kim Kwang-il to the company to oversee its exit strategy," Jang said. "And the credit ratings cut may have convinced MBK and Home Plus that short-term funding was no longer viable, so they chose to walk away without caring about the debts owed to individual investors." Kim Kwang-il was appointed co-CEO of Home Plus early last year to lead the corporation with Joh Joo-yun, former chief of McDonald's Korea. Jang criticized Kim for taking on too many roles, noting that he reportedly serves multiple positions for 18 companies, mostly MBK affiliates like Home Plus and Lotte Card. In regard to a potential sale of Home Plus, Jang also was skeptical. MBK is seeking to avoid liquidation by selling the retailer. To do so, the outfit pledged to write off its entire stake in Home Plus worth $1.8 billion. "MBK now claims that Home Plus is an attractive opportunity after cancelling $1.8 billion stake," Jang said. "If that is true, why doesn't MBK take over operations of Home Plus again? In case MBK can revive the supermarket chain, it does not have to give up its stake on Home Plus." In response, Home Plus said that the attempt to sell the company is aimed at saving nearly 20,000 employees, along with numerous suppliers and stakeholders. It added that MBK has made significant sacrifices to support this. Copyright 2025 UPI News Corporation. All Rights Reserved.
UPI
09-07-2025
- Business
- UPI
MBK Partners urged to repay debts owed to individual investors
A criminal complaint filed with South Korean prosecutors alleged that MBK Partners issued or helped issue commercial papers and asset-backed, short-term bonds knowing that Home Plus lacked the capacity to repay them, causing investors to lose about $400 million. File Photo by Jeon Heon-Kyun/EPA SEOUL, July 9 (UPI) -- A lawyer whose firm is suing MBK Partners over investor losses has urged the financial company to repay debts owed to those who purchased asset-backed bonds related to Home Plus, South Korea's troubled discount chain. LawVax attorney Jang Jin-seok stated that position during an interview with UPI on Tuesday. The Seoul-based law firm filed a criminal complaint with the prosecutors late last month against senior executives of MBK and Home Plus. Included in them were MBK Chairman Michael Byungju Kim and Home Plus co-CEOs Kim Kwang-il and Joh Joo-yun. The complaint alleges that they issued or helped issue commercial papers and asset-backed, short-term bonds knowing that Home Plus lacked the capacity to repay them, causing investors to lose about $400 million. "Due to mounting losses and deteriorating credit ratings, Home Plus relied on short-term funding to stay afloat, and toward that end, it devised unique asset-based bonds, which attracted individual investors," Jang said. "And all of a sudden, Home Plus filed for corporate rehabilitation in early March, just after its credit ratings downgrade. This indicates that the retail chain had no intention of repaying its debts. At the very least, MBK and Home Plus must address this issue," he said. Home Plus refuted Jang's claims. "Home Plus made every effort to turn the business around to the last minute, as shown by its attempts to reduce debt ratios," a company spokesperson said in a phone interview. "However, these efforts were not fully effective, as the virus pandemic and the rise of e-commerce continued to negatively impact our business," he said. Home Plus noted that its debt ratio improved to 462% as of this January, compared to 1,506% in the same period of 2024. MBK acquired Home Plus from Tesco in 2015 for $5.1 billion. However, the company has been in steady decline, particularly since 2021, posting consecutive annual losses. Its operations suffered due to the COVID-19 pandemic and the rapid rise of online retailers like Coupang, which eroded its traditional brick-and-mortar business model. On Feb. 28, South Korea's credit rating agencies downgraded Home Plus's corporate rating from A3 to A3-. Four days later, it filed for corporate rehabilitation with the Seoul Bankruptcy Court. "It seems that MBK gave up Home Plus last year and dispatched Kim Kwang-il to the company to oversee its exit strategy," Jang said. "And the credit ratings cut may have convinced MBK and Home Plus that short-term funding was no longer viable, so they chose to walk away without caring about the debts owed to individual investors." Kim Kwang-il was appointed co-CEO of Home Plus early last year to lead the corporation with Joh Joo-yun, former chief of McDonald's Korea. Jang criticized Kim for taking on too many roles, noting that he reportedly serves multiple positions for 18 companies, mostly MBK affiliates like Home Plus and Lotte Card. In regard to a potential sale of Home Plus, Jang also was skeptical. MBK is seeking to avoid liquidation by selling the retailer. To do so, the outfit pledged to write off its entire stake in Home Plus worth $1.8 billion. "MBK now claims that Home Plus is an attractive opportunity after cancelling $1.8 billion stake," Jang said. "If that is true, why doesn't MBK take over operations of Home Plus again? In case MBK can revive the supermarket chain, it does not have to give up its stake on Home Plus." In response, Home Plus said that the attempt to sell the company is aimed at saving nearly 20,000 employees, along with numerous suppliers and stakeholders. It added that MBK has made significant sacrifices to support this.
Bangkok Post
29-06-2025
- Entertainment
- Bangkok Post
A look back at Pride Month
Pride Month 2025 ends today with hope that people will develop a deeper understanding of the LGBTI community. Here are some outstanding events and activities that were held with a commitment to promote diversity, identity and equality in Thai society. Bangkok Pride Festival 2025 On June 1, Rama I Road was transformed into a rainbow street where a 200m-long "Identity Flag" was unfurled alongside the country's largest Pride Flag during Bangkok Pride Festival 2025. Held under the theme "Born This Way", this year's parade celebrated the passing of marriage equality law and a look towards the next goal -- full legal recognition of gender identity. Organised by Naruemit Pride, the celebration featured seven major themed processions, each representing one colour of the rainbow and concept, along with over 100 smaller parades. The parade stretched from National Stadium to Ratchaprasong intersection, covering more than 3km. It passed major landmarks like MBK, Siam Discovery, Siam Center, Siam Paragon, Pathumwanaram Temple and the Royal Thai Police Headquarters before ending at CentralWorld. The event was joined by 300,000 people including celebrities, performers and influencers. Marching alongside the LGBTI community were Prime Minister Paetongtarn Shinawatra and Bangkok Governor Chadchart Sittipunt. One Bangkok, One Pride: Uniting Hearts, Celebrating Diversity One Bangkok became another landmark that celebrated the LGBTI community through a wide array of engaging activities during "One Bangkok, One Pride: Uniting Hearts, Celebrating Diversity", which kicked off on June 6 and ran until Saturday. Held in collaboration with Thailand Pride Organisation, the festival transformed One Bangkok Boulevard into a striking visual tribute to diversity, while the Storeys Square coming alive with a variety of entertainment and experiences, including live music by artists and DJs, Pride talks, special shows and movie screenings. Wrapping up the celebration was "One Pride, One Run" on Saturday. This 3.5km inclusive run aimed to celebrate freedom of identity and encourage participants to express themselves boldly through attire, bringing the Pride Month festivities to a vibrant close. Love Pride Parade, Bangkok 2025 EM District and the Mall Group concluded the month of Pride with the most dazzling and longest rainbow parade in Asia titled "Love Pride Parade, Bangkok 2025" yesterday. Marching along the 6km route from Suphachalasai National Stadium to EM District, the parade featured a procession of floats decorated in vibrant colours themed around pride in equality and equal rights. They were presented by government officials and representatives from finance, tourism, airlines, hotels, sports, fashion, entertainment and many other industries. One of them was "Journey On The Rainbow Sky", a customised float by Japan Airlines featuring popular actor Noppakao "Kao" Dechaphatthanakun. Also joining the grand parade were celebrities, actors, beauty queens, same-sex couples and influencers. Prior to the parade event, Emsphere hosted "Bangkok Pride Party 2025: Born This Way", a gathering of drag queens from across Thailand, on Friday. It was opened to party-lovers of all genders and those in the LGBTI community to celebrate gender equality. Iconsiam Pride Out Louder 2025 Seven cast members of the popular BL series Kee Meun Fah (Your Sky Series), came to meet fans and delivered special performances during an exclusive fan meet at Icon Cineconic in Iconsiam on June 6. A "Pride Message Wall" was set up for fans to express feelings about their favourite actors and Pride Month. The seven actors delivered their perspective on LGBTI issues and diversity in Thai society on stage. The event was a highlight of the "Iconsiam Pride Out Louder 2025" campaign which aimed to promote equality across all dimensions. A "Pride Out Wall" was also unveiled as an open space for everyone to share thoughts and hopes for the future of Pride while Iconsiam's Facebook Page presented exclusive articles on the history of Pride and inspirational stories of LGBTI icons. We All Pride Thailand 2025 @ Bangkapi Organised last Saturday by The Mall Lifestore in collaboration with the Rainbow Sky Association of Thailand, "We All Pride Thailand 2025 @ Bangkapi" was the largest Pride celebration on the eastern side of Bangkok. Presided over by Bangkok Governor Chadchart Sittipunt, the event featured a spectacular Pride parade along Bangkapi's main streets, starting from the National Institute of Development Administration, passing through the Bangkapi District Office and local shopping centres and culminating in front of The Mall Lifestore Bangkapi. The vibrant parade featured five LGBTI drum majors and a marching band, thrilling spectators along the route. It showcased the beauty of diversity and inclusion, led by LGBTI artists, celebrities and beauty queens from across Thailand. The event was one of many special activities and rainbow-themed promotions presented as part of "The Mall Lifestore The Heart Of Pride" campaign, which wraps up today. Thailand LGBTQI+ Biz Forum 2025 "Innovating Inclusion: New Frontiers in LGBTQI+ Business Leadership" was the theme of "APCOM 6th Thailand LGBTQI+ Biz Forum 2025", which was held at Chamchuri Square, Rama IV Road, on June 13 and 14. Organised by APCOM Foundation, this year's forum emphasised the power of participation and shared leadership for all. It aimed to elevate dialogue and drive real action around economic empowerment, workplace equality and inclusive growth. It also explored wins, challenges and opportunities for LGBTI social and economic inclusion, which deal with Thailand's marriage equality law and the impact on the economy. Joining the forum was a diverse range of stakeholders, including business leaders, policymakers, development partners, and community advocates, to collectively advance equality for LGBTI communities in Thailand and across the Asia-Pacific region. Tinder Pride stickers Tinder, the world's most popular dating app, celebrated connections and all things LGBTI in Thailand and around the globe with a collection of Pride-themed in-app stickers that let members wear their pride loud and proud. The stickers are available in Thai language until tomorrow. Users can add, change or remove a sticker by heading to the Stickers section in the Edit Profile screen. The stickers show Tinder's continued commitment to being a space where everyone can be their authentic selves. Tinder keeps it real with over 50 gender identities and up to nine sexual orientations, giving members the freedom to express themselves -- however they want. The app makes it easier and safer for the LGBTI community to match, mingle and meet the one.
The Star
25-06-2025
- The Star
Fire safety lapses plague schools
PETALING JAYA: Over 700 fire-hazard abatement (MBK) notices were issued to schools nationwide throughout 2024 and up until April of this year for failing to meet fire safety standards, says the Fire and Rescue Department. The department had conducted fire hazard checks on 853 schools nationwide, with 144 schools flagged. ALSO READ: Lax attitudes fuel risk of fire A total of 767 notices were issued to the 144 schools for failing to comply with fire safety requirements. It is not known how many of these schools are private and public. 'Pahang had the highest number of MBK notices issued for school premises, with 201 notices, followed by Perak with 82 notices and Kuala Lumpur with 75 notices,' the department told The Star. The department is in the process of commencing legal action to charge three schools under the Fire Services Act 1988 (Act 341) for not complying with the seven notices issued to them. The remaining 760 notices have been heeded and measures were taken to rectify the matter. 'The department has also conducted periodic checks on 'Passive and Active Safety Installations' under the Act 341 as an important enforcement measure to ensure buildings and premises are free from any fire risks,' it said. MBKs are usually issued for defective firefighting tools and the absence of exit signs or emergency lights, among others. Premises that receive an MBK notice must rectify the issues within the stipulated period to avoid being charged in court. Under Act 341 (the Fire Services Act), one can be fined RM3,000 or face a maximum of three years' imprisonment, or both, for these offences. On June 10, the administrative building of SM Sains Alam Shah in Cheras was destroyed in an early morning blaze. This was not the only school fire reported this year. On April 28, a fire erupted at the dormitory of SMK Tinggi Setapak, Kuala Lumpur. Last year, the boys' dormitory of SM Sains Hulu Terengganu caught fire for the second time on June 4, following a previous fire on a different floor on May 12. In November, the same year, a hostel at a school in Bukit Puchong, Selangor, was partially damaged by an early morning fire. The most devastating fire reported to date is the 2017 fire at the Darul Quran Ittifaqiyah tahfiz school at Jalan Keramat Ujung, Kuala Lumpur, which killed 25 people.
