(Photo= Yonhap news)

 

[Alpha Biz= Reporter Kim Jisun] On October 28, former Namyang Dairy Chairman Hong Won-sik filed a fraud complaint against Hahn Sang-won, CEO of Hahn & Company (Hahn & Co.), the private equity firm that is now Namyang Dairy’s largest shareholder. Hong’s complaint also targets Ham Chun-seung, CEO of PH & Company, who mediated the stock purchase agreement (SPA) between Namyang Dairy and Hahn & Co.

Hong alleges that Hahn and others misled him regarding certain terms before and after the stock transaction. Hong claims he sold his shares based on assurances that his position would be maintained, which was allegedly not honored.

Although the 60-year ownership of the Hong family in Namyang Dairy ended with Hahn & Co. becoming the largest shareholder in January, legal disputes between the parties have persisted. In May, Hong filed a lawsuit against Namyang Dairy seeking 44.4 billion KRW in severance pay, while Namyang Dairy countered by filing embezzlement and breach of trust charges against Hong and three former executives.

 

 

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