South Korean prosecutors have issued an exit ban on MBK Partners founder and chair Michael ByungJu Kim as they investigate a 2023 short-term bond placement by portfolio company Homeplus, according to a report by Reuters citing the Yonhap News Agency.
Kim, a US citizen, was stopped on arrival at Incheon Airport on Saturday and had his mobile phone seized under a search warrant, according to judicial-source briefings cited by the agency.
The Seoul Central District Prosecutors’ Office is examining whether Homeplus management proceeded with the KRW-denominated note sale despite anticipating a credit-rating downgrade.
The prosecutor’s office could not be reached for comment; an MBK spokesperson also declined to comment.
MBK acquired the South Korean grocer from Tesco in 2015.
