The Korea Zinc labor union, affiliated with the Federation of Korean Trade Unions, and the Mart Industry labor union, affiliated with the Korean Confederation of Trade Unions, called on the government and the ruling party to resolve the Homeplus crisis. They also demanded that private equity fund MBK Partners immediately stop its attempt to seize control of Korea Zinc, which they said is damaging a key national industry.
The two unions held a press conference at Gwanghwamun Square in Seoul on June 30, declaring "a solidarity struggle staking the fate of both unions and the survival of their workers." They said the retail and Korea Zinc unions would "build a united front against MBK and fight to the end in firm solidarity with progressive parties and all conscientious civil society groups until the government and the ruling party take responsibility and resolve the situation," they said.
They went on to say the government and the ruling party should "immediately establish substantive measures to prevent a recurrence" of what they described as reckless corporate raiding and asset-stripping by speculative private equity capital. "We will fight together without retreating a single step to protect our workplaces and defend the rightful rights and dignity of workers against speculative capital," they added.
Homeplus, which is undergoing court receivership proceedings, is awaiting approval of its rehabilitation plan on Friday. The Seoul Bankruptcy Court on Tuesday called on Homeplus creditors and the union to submit documentation explaining a plan to raise an additional 200 billion won ($130 million). Homeplus and its stakeholders all requested an extension of the deadline for approving the rehabilitation plan. However, the submissions did not include a specific plan for raising the 200 billion won the court had called for.
korean@heraldcorp.com
