Search results for Seoul Bankruptcy Court
Industry
MBK cancels 2.4 million Homeplus shares without compensation, wiping out 2.5 trillion won stake
MBK Partners’ 2.4 million Homeplus common shares were cancelled without compensation under a Homeplus rehabilitation plan approved by the Seoul Bankruptcy Court, eliminating shareholder rights including control. The cancellation removes the need for a new buyer to purchase the former controlling shareholder’s existing shares in any future M&A. MBK had said it would accept the cancellation. The plan’s implementation faced hurdles after Homeplus failed to secure 200 billion won in emergency funding, but financing was arranged later.
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
Prosecutors seek arrest warrants for MBK chairman Kim Byung-joo and three others over Homeplus case
Prosecutors investigating the Homeplus case moved to secure custody of MBK Partners Chairman Kim Byung-joo and three executives, seeking arrest warrants on allegations including fraud under the Act on the Aggravated Punishment of Specific Economic Crimes and violations of the Capital Markets Act. Three also face charges of falsifying audit reports. MBK Partners denied all allegations and said it would contest the claims in court. A warrant review is expected early next week.