Conflicts between the owner family and major shareholders of Hanmi Group are intensifying once again. A court's decision to place a provisional seizure on shares held by Im Joo-hyun, vice chair of Hanmi Science, has reignited the management dispute, compounded by allegations regarding the corporate card usage by Song Young-sook, chair of Hanmi Group, and controversies over internal data leaks. Since the passing of the late founder Im Sung-ki in 2020, the management conflict among siblings and between parents and children that emerged in early 2024 has yet to be resolved after three years.
◆ Shin Dong-guk's Share Expansion Reignites Management Dispute
The Seoul Central District Court approved a provisional seizure request for shares of Hanmi Science filed by Shin Dong-guk, chairman of Hanyang Precision, on July 29. The amount in question is approximately 10 billion won, with Shin's side claiming that Im violated the obligation to jointly exercise voting rights as stipulated in a so-called 'four-party alliance' agreement. They argue that Im's shares were sold in the market during a transaction with the EquityFirst fund, preventing him from exercising voting rights at shareholder meetings over the past two years.
A provisional seizure is a temporary measure prior to a main lawsuit. While responsibility has not been definitively established, the recent increase in Shin's shareholding, who is the largest individual shareholder of Hanmi Science, has led many in the industry to interpret this as a sign of a fracture within the four-party alliance. There is growing concern that the dispute over the group's governance structure may reignite.
Meanwhile, Song Young-sook, Im Joo-hyun, and Killington LLC have filed a lawsuit against Shin for 60 billion won in damages, claiming that the cancellation of a senior care business initiative last year was a violation of the agreement to jointly exercise voting rights. The first-instance ruling is scheduled for October 1, and this decision is expected to be another variable in the management power dynamics.
◆ Allegations of Misuse of Corporate Cards and Internal Data Leaks
The controversy surrounding corporate card usage is also escalating. Kim Tae-ho, former CEO of Cure Therapeutics, held a press conference at the Koreana Hotel in Seoul, demanding a company-wide investigation into the corporate card usage of Song Young-sook and Im Joo-hyun. He is the individual who recently tipped off the media about allegations regarding the use of corporate cards and company assets by Song's family.
The documents disclosed by Kim include payment records of approximately 68 million won at an anti-aging hospital in Gangnam and about 1.4 million won at a dental clinic. He stated, "The disclosed records are just a fraction of the total," and called for audits and reports to the audit committee and board of directors across all affiliates.
In response, Hanmi Group clarified that the costs for Song's knee joint treatment fall under welfare benefits that the company can provide. They also refuted claims regarding department store purchases as expenses for gifts for employees and key clients, and stated that overseas usage was incurred during business trips. They argued that the materials used in the reports lacked completeness, as they did not include records of reimbursements or cancellations.
The group warned that "various unverified materials are being circulated in the market with the intent to defame specific major shareholders," which could constitute defamation.
On the same day, Kim denied any connections with specific factions, including Shin Dong-guk. He asserted, "I am not working for Shin. The records of corporate card usage were voluntarily provided by current and former employees who care about Hanmi."
◆ Hanmi's Performance at Record High, Yet Governance Concerns Persist
Hanmi Group's business performance has steadily improved over the past few years. Hanmi Science surpassed 1.35 trillion won in revenue last year. In the first half of this year, it recorded 721.6 billion won in revenue and 92.7 billion won in operating profit. Hanmi Pharmaceutical also achieved its highest-ever performance last year, with 1.5475 trillion won in revenue and 257.8 billion won in operating profit. Additionally, there is significant market anticipation for the launch of the country's first GLP-1 obesity drug in the second half of this year.
However, with ongoing management disputes, allegations of corporate card misuse, provisional seizures, and large-scale lawsuits, there are concerns in the industry about how much the warmth of improved performance can offset governance instability. The market anticipates that the conflict over the group's management rights will reach another turning point with the first-instance ruling on the damages lawsuit in October.
A Hanmi Group official stated, "Hanmi Science and Hanmi Pharmaceutical have already established a solid professional management system and are achieving record results every quarter," emphasizing that the business is growing steadily, separate from the owner disputes. He added, "If there are areas that need improvement in organizational operations, we should transparently address and enhance them," noting that Hanmi has been working on improving internal regulations since last year.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.