Korea prosecutors seek arrest warrant for MBK co-founder Michael ByungJu Kim

South Korean prosecutors requested arrest warrants for Michael ByungJu Kim and three others in a probe linked to MBK Partners' acquisition and management of Homeplus, and the case was described as involving alleged violations of the Financial Investment Services and Capital Markets Act.

South Korean prosecutors have asked a court to issue arrest warrants for Michael ByungJu Kim, the co-founder and chairman of private equity firm MBK Partners, and three other people. The move comes amid a multi-month probe tied to MBK's acquisition and subsequent management of Homeplus, once one of the country's largest supermarket chains. A court spokesperson said the matter involves alleged violations of the Financial Investment Services and Capital Markets Act and that officials were limiting public disclosure of details. MBK Partners rejected the underlying allegations and said it would vigorously contest the prosecutors' request through the judicial process. Reported facts: - Prosecutors requested arrest warrants late Wednesday for Michael ByungJu Kim and three others, the Seoul Central District Prosecutors' Office said. - A court spokesperson said the case involves alleged violations of the Financial Investment Services and Capital Markets Act and that disclosure of details was being limited. - The investigation has focused on the acquisition and management of Homeplus. - MBK Partners denied the allegations, called the prosecutors' action excessive, and said it would vigorously contest the request. Summary: Prosecutors have filed requests for arrest warrants while court spokespeople limited information about the charges; MBK Partners has rejected the allegations and said it will contest the matter in court. Undetermined at this time.