Meritz deposits 100 billion won in escrow

'Funds immediately available if MBK provides guarantee'

The corporate identity logo of Meritz Financial Group. [Meritz Financial Group]
The corporate identity logo of Meritz Financial Group. [Meritz Financial Group]

Meritz Financial Group urged MBK Partners and its chairman Kim Byung-ju to take responsibility for the rehabilitation of Homeplus.

In a statement Wednesday, Meritz said the responsibility for Homeplus's recovery lies with MBK and Kim, not with the government or Meritz. "Kim Byung-ju holds assets worth 14 trillion won ($9.11 billion), and MBK manages funds worth 50 trillion won — they must explain why they cannot even provide a 100 billion won guarantee," the group said.

Meritz criticized MBK for hiding behind its status as a private equity fund and shifting responsibility onto creditors.

The group also called for full financial disclosure, noting that even ordinary individuals filing for court rehabilitation must transparently disclose all assets and income. "MBK and Chairman Kim must likewise disclose their domestic and overseas assets," it said.

Meritz said it has already deposited 100 billion won into an escrow account to support Homeplus's normalization, adding that the funds could be withdrawn immediately if Kim and MBK step forward with a guarantee.

"We urge them to fulfill their minimum responsibilities as the majority shareholder," Meritz said. "The pattern of privatizing profits while socializing losses must not continue."


moon@heraldcorp.com