[Alpha Biz= Paul Lee] Shinyoung Securities, one of the lead managers for Homeplus's asset-backed securities (ABS) issuance, is considering filing a criminal complaint against MBK Partners, the largest shareholder of Homeplus.
According to financial investment industry sources on Monday, Shinyoung Securities recently met with representatives from MBK Partners who visited the company to provide an explanation regarding the situation.
A Shinyoung Securities official stated, "MBK requested a private meeting, and during the visit, they explained that they had no intention of harming financial creditors when applying for the corporate rehabilitation procedure for Homeplus."
Shinyoung Securities suspects that MBK Partners, despite knowing in advance about the possibility of credit rating downgrades by credit rating agencies—which triggered the decision for Homeplus’s corporate rehabilitation—issued asset-backed securities (ABSTB) based on credit card payments and passed on the losses to individual investors just before the downgrade occurred.
The claim that Homeplus was unaware of the retail sales of its commercial paper (CP) or ABSTB has also raised skepticism.
As a result, there are rumors in the securities industry that Shinyoung Securities will proceed with a criminal complaint against MBK Partners on charges of fraud.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
