South Korean Court Rejects Arrest Warrant for MBK Partners' Chairman

A South Korean court has dismissed a request for an arrest warrant against Michael Byungju Kim, chairman of MBK Partners, over the sale of Homeplus. While serious allegations include fraud and capital market breaches, the court found the evidence insufficient. MBK Partners pledges to defend its position.

A South Korean court has declined to issue an arrest warrant for Michael Byungju Kim, chairman of MBK Partners, one of Asia's prominent private equity firms. The court decision arrives amidst allegations related to the sale of troubled supermarket chain Homeplus.

The Seoul Central District Court dismissed the prosecution's request, suggesting that while the allegations were deemed serious, the current evidence failed to substantiate the charges against Kim. The accusations extend to potential breaches of the Capital Markets Act and fraud, involving the approval of a contentious Homeplus debt issue.

Despite the legal challenges, MBK Partners expressed its respect for the court's decision and assured continued legal defense. Notably, MBK Partners, founded by Kim in 2005, has significantly influenced the private equity sector in Asia with investments worth over $32 billion.

(With inputs from agencies.)