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SEOUL, July 6 (UPI) — Lawmakers from South Korea’s ruling Democratic Party called Monday for parliamentary hearings on the Home Plus crisis, as the troubled discount chain runs the risk of liquidation.
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The court terminated the rehabilitation proceedings of Home Plus on Friday after overseeing its restructuring for 16 months. If emergency measures are not taken, the company faces collapse.
Rep. Min Byung-duk of the Democratic Party urged the National Policy Committee of the parliament to take immediate action to help employees of Home Plus and its suppliers.
“If Home Plus cannot secure $130 million in funding within the two-week grace period, it will enter a bankruptcy process,” Min said. “The National Policy Committee should move forward with a parliamentary hearing on Home Plus.”
Rep. Yoo Dong-soo of the Democratic Party, who chairs the committee, responded that he would organize a hearing, which is expected to include executives from MBK Partners and Meritz Financial Group, after consulting with the opposition.
MBK, the country’s top private equity firm, acquired Home Plus in a multibillion-dollar deal in 2015. After years of mounting losses, Home Plus entered court-led restructuring in early 2025.
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After Home Plus failed to find a buyer for more than a year, the court ended rehabilitation proceedings. The retailer has asked Meritz, one of its largest creditors, to provide the funding needed to pursue the appeal.
Meanwhile, the Financial Supervisory Service, or FSS, confirmed Monday that its committee convened Thursday to deliberate disciplinary action against MBK related to Home Plus, which will be finalized later by the Financial Services Commission, or FSC.
The FSS did not disclose the proposed level of sanctions, but they reportedly include a “partial suspension of business activities,” which could restrict MBK’s future investment operations for a certain period.
The FSC formulates financial policy and makes final regulatory decisions, while the FSS supervises and investigates financial institutions on behalf of the FSC.
“The sanctions have not been finalized because the case must still undergo review and approval by the FSC,” MBK said in a statement. “We will fully explain our position on the issues at hand through the remaining legal procedures.”
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This story was originally published July 6, 2026 at 7:45 AM.