Han Byung-do, acting leader and floor leader of the Democratic Party of Korea, said Thursday that the prospect of cash-strapped Homeplus securing 200 billion won ($134 million) in emergency funding was welcome news, while calling on the retailer's largest creditor to act decisively. "It is fortunate that a spark of recovery has been kept alive," Han said, adding that he expects "a forward-looking decision from the Meritz board of directors."
Speaking at a policy coordination meeting at the National Assembly, Han said "the Democratic Party will also do its utmost to normalize Homeplus," and urged MBK Partners and Meritz not to treat the capital injection as a temporary measure to avoid accountability.
Rep. Min Byung-deok, chair of the Democratic Party's Euljiro Committee, said at a rally of Homeplus workers and merchants held in front of Cheong Wa Dae on Wednesday that Meritz was expected to hold a board meeting Thursday, under which Meritz would lend 200 billion won with MBK Partners and its chairman Kim Byung-ju providing joint guarantees.
Han also directed sharp criticism at the People Power Party, which has been boycotting National Assembly proceedings in protest of the Democratic Party's unilateral formation of standing committees, warning that "if they continue to turn their backs on people's livelihoods to the very end, we will have no choice but to make a stern decision." He said the PPP's "meaningless boycott" has stalled 59 livelihood bills, a special prosecutor act targeting the National Election Commission, and follow-up legislation for three major infrastructure projects.
The Democratic Party moved to unilaterally elect its own lawmakers as chairs of 11 of 18 standing and special committees late last month after cross-party negotiations over committee assignments reached an impasse. The PPP has since boycotted committee activities in protest.
Han also noted that Saturday marks the third anniversary of the death of a teacher at Seoichon Elementary School, saying, "Only when teachers are protected in their legitimate educational activities and can guide students with conviction can we also safeguard children's precious right to education and learning."
bigroot@heraldcorp.com
