Kim Kwang-Il, Vice Chairman of MBK Partners, stated that the company has no intentions of selling assets to China, leaking technology overseas, or relocating production bases. He expressed these assurances while appearing as a witness at the National Assembly’s Political Affairs Committee audit on the 17th, emphasizing that MBK Partners would fulfill its responsibilities as a shareholder.
During the session, lawmakers such as Park Sang-hyuk from the Democratic Party of Korea and Lee Heon-seung from the People Power Party criticized MBK’s credibility, citing past cases. They expressed skepticism about MBK’s claim of not intending to sell Korea Zinc to China, referencing previous inconsistencies in their public statements and actions.
Park Sang-hyuk noted instances where MBK partners had increased public tender offers despite previous statements that they would not. He also expressed concerns about potential restructuring, citing past cases involving ING Life and Homeplus where significant workforce reductions occurred post-acquisition.
In response to a question about selling to countries other than China, Kim stated there were no such intentions at present. However, skepticism remained, with Lee Heon-seung questioning the justification for MBK’s acquisition of Korea Zinc, given the company’s strong financial standing and performance, compared to the lower profitability of its partner, Young Poong.
Kim acknowledged that concerns regarding MBK’s inconsistent statements were valid and pledged that the company would endeavor to improve its communication and actions. He reiterated the importance of Korea Zinc as a national key industry and stated that MBK views the transaction as a step towards improving corporate governance, with the aim of benefiting the capital market.