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Prosecutors on Monday summoned MBK Partners Vice Chairman and Homeplus co-CEO Kim Kwang-il, stepping up their investigation into the private equity firm’s alleged role in the retailer’s financial crisis. The Seoul Central District Prosecutors’ Office questioned Kim as a suspect over alleged fraud under the Act on the Aggravated Punishment of Specific Economic Crimes and violations of the Capital Markets Act. It was his second appearance before prosecutors, following his first questioning Friday.
Mirae Asset Consulting, an affiliate of Mirae Asset Financial Group that oversees the group's hotel and golf course businesses, is set to boost its planned ownership of cryptocurrency exchange Korbit to 97 percent from 92 percent. According to a revised regulatory filing on Tuesday, Mirae Asset Consulting is set to purchase an additional 1.59 million Korbit shares for 7.89 billion won ($5.32 million). The transaction follows a decision by a corporate shareholder to sell its remaining stake in Ko
Shinsegae Group said Tuesday it has partnered with global real estate developer OKO Group to launch hospitality development projects for Aman Group, the operator of the premium hotel and resort brands Aman and Janu. Under the agreement, the two companies plan to establish a joint venture with an initial investment of $500 million to develop Aman and Janu hotels and residences. They also agreed to collaborate on mixed-use commercial real estate projects both in Korea and overseas. The partnership
Following the Homeplus debacle, MBK Partners has come under fresh scrutiny over restructuring efforts at its portfolio company Osstem Implant, the country's largest dental manufacturer. Osstem Implant has reportedly been carrying out a de facto restructuring under which some employees are relieved of their existing duties and required to find new positions within the company on their own. Those who fail to secure a new role are reportedly placed on waiting-for-reassignment status until another p
Homeplus said Thursday that Meritz Financial Group agreed to extend 200 billion won ($135 million) in emergency financing to the cash-strapped retailer, keeping its court-supervised rehabilitation alive with only days left before liquidation. Meritz's board approved the debtor-in-possession loan Thursday, contingent on MBK Partners chair Michael Byungju Kim personally guaranteeing the debt. Meritz also agreed to cooperate with the subsequent approval of Homeplus's rehabilitation plan. The agreem
MBK Partners is facing criticism after hosting a reception in the United States to promote Korea Zinc's US investment project while its portfolio company Homeplus remains mired in a deepening restructuring crisis in South Korea. The event took place on July 9 in Nashville, Tennessee, where MBK and Young Poong introduced themselves as Korea Zinc's "largest shareholder group" and highlighted their support for Project Crucible, the zinc producer's flagship US investment project, according to indust
Namyang Dairy Products said Friday it signed a memorandum of understanding with Mongolia's leading food distributor, Maximus Distribution LLC, to expand exports of K-food products under a three-year, 10 billion won ($6.6 million) agreement. The agreement was signed during the Korea-Mongolia Business Forum, an official event of the government-led economic delegation. It follows a separate three-year, 70 billion won export deal signed in Vietnam in April, marking Namyang's second export agreement
The Export-Import Bank of Korea said Friday it signed a memorandum of understanding with Mongolia's Trade and Development Bank to provide $30 million in on-lending financing aimed at supporting exports of Korean consumer goods. The agreement is designed to channel policy financing through TDB, which operates more than 90 branches and serves a large number of importers of Korean food, cosmetics and other consumer products. The financing marks Korea Eximbank's first on-lending support for Mongolia
LG CNS has signed a partnership agreement with UK-based physical AI startup PhysicsX to jointly develop next-generation industrial artificial intelligence models, according to industry sources Thursday. PhysicsX, which has received investment from Nvidia and is valued at $2.4 billion, develops industrial AI models that improve engineering and manufacturing processes for clients in industries including aerospace and automotive. PhysicsX recently announced the collaboration on its LinkedIn account
LG Chem said Wednesday it has signed a strategic partnership with Shanghai-based OTR Therapeutics to identify and develop promising oncology drug candidates, strengthening its push into China's fast-growing biotechnology sector. OTR Therapeutics is a biotechnology company that combines in-house research with open innovation to discover and develop treatments for cancer, immunological and inflammatory diseases, and metabolic disorders. Under the agreement, LG Chem will leverage OTR's drug discove
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