Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
Library named after MBK Partners' chairman set to open in 2027
A conceptual drawing of Seoul's second municipal library, named after MBK Partners' founder and Chairman Michael ByungJu Kim / Courtesy of Seoul Metropolitan Government
By Lee Yeon-woo
For first time, Kim directly addresses reasons behind his attempt to acquire Korea Zinc
Seoul's second municipal library, named after MBK Partners' founder and Chairman Michael ByungJu Kim, is set to open in 2027 in Seodaemun District in northwestern Seoul. It will be the first public library in Korea to adopt an automated storage and retrieval system, where robots will handle book retrieval and placement.
The Seoul Metropolitan Government held a groundbreaking ceremony for the library, which will be the first municipal library in the northwestern area of the city. The library is named in honor of Kim, who donated about 30 billion won ($21.8 million), covering roughly half of the construction cost.
The library will span a total area of 9,109 square meters, with one basement level and five above-ground floors. The project's total budget is estimated at 67.5 billion won. The library will serve as both a park-integrated space and a family-friendly cultural hub. Additional facilities, including a rooftop garden and a complex cultural space, will also be available for people visiting the library.
MBK Partners' founder and Chairman Michael ByungJu Kim / Courtesy of MBK Partners
"We hope that the establishment of this library in the northwestern area, made possible through meaningful private contributions, will become a pioneering model of public-private collaboration in enhancing cultural facilities," a Seoul City official said.
The city aims to gradually expand the number of municipal libraries across different regions by 2032.
Kim also attended the ceremony and personally explained the motivation behind MBK's bid to take over Korea Zinc in response to a question from local media. He said the move was driven by a focus on corporate governance and shareholder returns. It was the first time he had directly addressed the reason behind the acquisition.
Despite Young Poong holding a 33.1 percent stake as the largest shareholder, Korea Zinc Chairman Choi Yoon-beom is able to exercise management control with only a 1.84 percent share — a structure MBK views as irregular. Kim has consistently argued that the excessive influence of founding families in major Korean corporations undermines shareholder value, a stance he also took during last year’s dispute with the management of Hankook & Company.