Kim Byung-ju, chairman of personal fairness agency MBK Companions, arrives on the Seoul Central District Courtroom in southern Seoul to attend his arrest warrant listening to, Tuesday. Yonhap
The chairman of personal fairness agency MBK Companions, Kim Byung-ju, and three different senior executives appeared at a Seoul court docket Tuesday to attend a listening to on their potential arrest over gross sales of short-term bonds of troubled retailer Homeplus.
Kim arrived on the Seoul Central District Courtroom after prosecutors sought arrest warrants for Kim and the executives, together with a co-chief government of Homeplus, on expenses of fraud and violation of the Capital Markets Act.
Kim entered the court docket constructing with out responding to reporters’ questions, together with whether or not he acknowledged the allegations.
A call on their potential arrest is anticipated to return out as early as later this present day.
MBK Companions acquired a one hundred pc stake in Homeplus in 2015 from British retailer Tesco Plc for 7.2 trillion received ($4.9 billion). The retailer, nevertheless, turned financially strapped because of a hunch within the low cost retailer business and ultimately entered court-led rehabilitation proceedings in March final yr.
MBK Companions has been accused of allegedly promoting a large-scale short-term bond of Homeplus across the time of the credit score downgrade for the retailer.
On Feb. 28 final yr, Korea Rankings downgraded its credit standing of Homeplus to “A3 minus” from “A3.” 4 days later, Homeplus requested a court docket to grant rehabilitation proceedings.
