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Song Young-sook, chairman of Hanmi Group. (Photo=Hanmi Pharmaceutical) |
[Alpha Biz= Reporter Kim Jisun] A four-party alliance, including Shin Dong-guk, Chairman of Hanyang Precision, and the mother-daughter duo Song Young-sook and Lim Joo-hyun, along with La Défense Partners, has filed for an injunction to prevent Lim Jong-hoon, CEO of Hanmi Science, from exercising voting rights held by the group's holding company over Hanmi Pharmaceutical. The injunction was filed at the Suwon District Court on December 3.
This comes amid a dispute over the management control of Hanmi Group, primarily between the two brothers, Lim Jong-yoon and Lim Jong-hoon.
Background
Last month, La Défense Partners acquired a 5% stake in Hanmi Science. On December 2, they entered into a shareholder agreement with Shin Dong-guk and Song Young-sook's family to collaborate on board appointments and voting strategies.
The alliance seeks to block the brothers' efforts to secure control of Hanmi Pharmaceutical through shares held by Hanmi Science, which owns 41.4% of Hanmi Pharmaceutical as of September.
Key Developments
An extraordinary general meeting (EGM) is scheduled for December 19, where proposals by the brothers, including the dismissal of Park Jae-hyun and Shin Dong-guk as directors, will be voted on.
The current Hanmi Pharmaceutical board includes six directors from the alliance and four from the brothers’ side.
A recent Hanmi Science EGM on November 28 resulted in a split board, with five directors each from the alliance and the brothers. CEO Lim Jong-hoon claims he can exercise Hanmi Pharmaceutical’s voting rights independently as the CEO, without board approval.
Future Outlook
Passing the director dismissal proposals requires a two-thirds majority of attending shareholders, which is uncertain at this month's EGM. However, the alliance is concerned that, by 2025-2026, five of their directors will see their terms expire, potentially allowing the brothers to regain board control. This long-term risk has prompted the alliance to seek the injunction.
This legal battle highlights the complex dynamics within Hanmi Group and the critical role of the holding company in determining the group's future leadership.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
