Michael ByungJu Kim won a key victory after a South Korean court rejected prosecutors¡¯ request to detain the billionaire co-founder of buyout firm MBK Partners as part of a probe into the firm¡¯s management of supermarket chain Homeplus, which entered court-led rehabilitation last year.
South Korean prosecutors are investigating Kim and three others on charges including fraud, examining how Homeplus slid from being the nation¡¯s second-largest retailer into financial distress and eventual rehabilitation.
The judge on Wednesday rejected a request by prosecutors to arrest Kim while they investigate MBK Partners¡¯ handling of Homeplus, which was once one of the buyout firm¡¯s biggest and most ambitious investments in Korea. The 62-year-old attended the hearing that ended late Tuesday.
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