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SEOUL, South Korea — MBK Partners has clarified its position on the issue involving Korea Zinc, saying the company is making untrue claims. The issue dates back to May 2022, when a person known to be close to Chairman Choi Yoon-beom of Korea Zinc approached MBK Partners’ Special Situations group, one of its investment management divisions, seeking investment.
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MBK Partners is preparing the matter to set the record straight and set the facts straight.
- MBK Partners operates its investment management business through two main divisions:
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1. Buyout Division – Focuses on acquiring controlling stakes in companies.
2. Special Situations Section – Specializing in small equity investments, private debt, and other financial opportunities.
- The Buyout and Special Situations divisions are separate entities within MBK Partners. These sections are controlled by a strict “Chinese Wall” policy, which ensures that there is no exchange of information between the two. This classification is strictly enforced through compliance measures to maintain transparency and compliance. Each category serves different investment objectives and strategies.
- The Buyout Division of MBK Partners, which partnered with the largest shareholder of Korea Zinc, Young Poong as a white knight, in the latest public tender request, is not connected to the investment proposal made by a person known to be close to Chairman Choi in May 2022. . Prior to the publication of Korea Zinc’s allegations, the Buyout Division was unaware of this proposal or any findings by the Special Situations team.
- After the publication of these allegations, under the review and approval of the MBK Partners team, the Special Situations Division confirmed that the material received from Korea Zinc was a document detailing the Troika Drive, which was developed by Korea Zinc’s BCG consulting firm. These materials were very similar to those publicly available on Korea Zinc’s website and in its IR materials. The investment discussion was closed without further action in June 2022.
- Korea Zinc’s claim that the Buyout Division may have used Troika Drive documents in its public tender request shows a misunderstanding of the structure and procedures of MBK partners. This claim is speculative and baseless, based on a lack of knowledge about the firm’s operations and internal controls.
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View the source version on businesswire.com: https://www.businesswire.com/news/home/20241204852382/en/
Contacts
Seikyu Hong, Managing Director and Head of Communications, MBK Partners
Mobile: +82 10 8944 7798
Email: sk.hong@mbkpartnersl.com
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