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Finance

Samsung Securities commercial paper licence seen as green light, Meritz still in fog

Samsung Securities is seen as closer to winning approval to issue short-term commercial paper as regulators consider lowering sanctions linked to sales misconduct at key branches. The Financial Services Commission is expected to decide on the sanctions at its July 31 meeting, and the licence agenda could reach a Sept. 9 meeting. Meritz Securities, meanwhile, has not advanced its application, with prosecutors investigating alleged unfair trading and other issues weighing on timing.

General News

Homeplus store sale proceeds spark fresh clash over operating funds and debt recovery

Homeplus, facing possible bankruptcy after a decision to scrap its rehabilitation procedure, has become embroiled in another dispute over how to use proceeds from the sale of closed stores. The retailer is pursuing a sale worth about 170 billion won for 2 stores. It wants to use part of the money as emergency operating funds, but its largest creditor, Meritz Financial Group, is said to favor debt recovery. The Democratic Party has urged MBK Partners and Meritz to secure funding and is seeking a hearing.

Finance

Meritz urges MBK to play responsible role after Homeplus rehabilitation terminated

Meritz Financial Group said it regretted a court decision to terminate Homeplus\' rehabilitation procedure and urged majority shareholder MBK Partners to play a responsible role. Meritz said it had done as much as possible as a creditor within legal limits, including cooperation on a stay on collateral execution and a 100 billion won DIP financing escrow. It also said Chairman Kim Byung-ju has not guaranteed the DIP funding.