Prosecutors beat the MBK partner's travel ban on HomePlus scandal

Prosecutors who examine the so-called HomePlus scandal have imposed a travel ban by Michael Byungju Kim, chairman of MBK Partners and the alleged central number in the case.
According to legal sources on Monday, the anti-corruption investigation of the Central District of the Central District public prosecutor recently stimulated Kim Kim's Ministry of Justice to leave Korea.
According to the law on immigration control, the Minister of Justice can limit the departure of a foreign national if it is considered necessary for a criminal investigation.
In view of the fact that Kim had stayed overseas over a longer period of time, the move is regarded as a precaution to prevent the examination from disrupting if he is trying to leave the country again.
On Saturday, the prosecutors carried out a search and confiscation order against Kim when he arrived from London's International Incheon Airport. According to reports, the investigators have secured his cell phone and other digital evidence.

The union members of Homeplus have a protest outside the MBK office in Zentral -Soul on May 12th. [YONHAP]

The public prosecutor suspects that managers in HomePlus and MBK partners were known to be known before a pending loan rating and a planned application for court recipients, but did not disclose this information before issuing short-term bonds and possibly cheating investors.
The investigators believe that the companies may have known the downgrading before the first official announcement on February 25 to suspect that they have issued the bonds to forward losses to investors.
The investigation has expanded since April 28 when the prosecutors failed the residences of the Co-CEO Joh Ju-Yeon and Kim Gwang-il and the headquarters of MBK partner.
The prosecutors are expected to summon the three managers and other top management numbers for questions as suspects as soon as the confiscated materials have been analyzed.

Translated from the Joongang Ilbo with generative AI and edited by Korea Joongang Daily Staff.
By Jeong Jae-Hong [[email protected]]