Korea's private equity funds facing more regulations
July 23 (UPI) -- South Korea plans to strengthen regulations on private equity funds after the controversial investment by MBK Partners in troubled Home Plus, the country's second-largest discount chain.
Rep. Min Byung-duk of the governing Democratic Party proposed a bill on Wednesday designed to require private equity companies to disclose information at the same level as publicly offered funds.
If the bill is passed, private equity funds will have to unveil quarterly investment reports, submit periodic business reports, disclose material information when necessary, and undergo financial audits.
"Concerns over investor losses have been repeatedly raised because of opaque management practices, conflicts of interest, and information asymmetry in private equity funds," Min said in a statement. He works for the National Policy Committee of the Assembly.
"The new bill marks a first step toward restoring trust in the capital market by establishing new disclosure standards for private equity funds, addressing information imbalances, and safeguarding investors' right to know," he added.
There seems to be a high possibility that the country's unicameral parliament will pass the bill in consideration of the response of the ruling party and the main opposition People Power Party.
A total of 15 lawmakers from the Democratic Party took part in drafting and introducing the legislative measure. The People Power Party has also been critical of private equity funds and disapproved MBK over Home Plus issues.
"We will review the proposed bill. Basically, we also agree that the country should beef up regulations on private equity funds," Rep. Kang Min-kuk from the People Power Party told UPI. He leads the party at the National Policy Committee.
In 2015, MBK took over Home Plus from Tesco for $5.1 billion, using a mix of equity and debt to finance what was the country's largest buyout deal at the time. But its performance deteriorated after the COVID-19 pandemic in the early 2020s.
Against this backdrop, Home Plus filed for corporate rehabilitation in March. Last month, MBK came up with a decision to write off its entire stake in Home Plus worth $1.8 billion to help the retailer get back on the right track.
However, MBK and its founding Chairman Michael Byungju Kim have been urged to do more.
Comments from MBK were not available.
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