Tensions are rising within the Hanmi Pharmaceutical Group's management structure. A court has approved a seizure of shares worth 10 billion won (approximately $8.5 million) held by Im Joo-hyun, vice chairman of Hanmi Science, in response to a claim of violation of a 'four-party agreement' raised by Shin Dong-guk, chairman of Hanyang Precision.
According to legal sources on August 6, the court recently ruled in favor of the seizure of shares owned by Vice Chairman Im.
Im, along with Chairman Shin, Song Young-sook, and Killington LLC (Radiphan Partners), had formed a four-party alliance agreeing to jointly exercise the voting rights of their respective shares.
However, Im disposed of 2.7% of the 9.15% stake he had claimed during the formation of the four-party agreement through a repurchase agreement with EquityFirst Fund. Subsequently, as EquityFirst sold those shares on the market, Im was unable to exercise voting rights for that 2.7% during the regular shareholder meetings in 2025 and 2026.
The court determined that the four-party alliance was based on mutual trust, and thus, the joint exercise of voting rights for the entire stake was a key element of the agreement. It concluded that Im's actions constituted a breach of trust warranting penalties.
As a result of this decision, it has been confirmed that a majority of the 6.6% of Hanmi Science shares held by EquityFirst (2.7% from Im, 3.44% from Im Jong-hoon, and 0.46% from Song) have been sold on the market.
Consequently, the effective voting rights held by Song, Im, and Killington are expected to decrease from approximately 41% to about 34.4%.
Chairman Shin holds a 35% stake in Hanyang Precision. The future of the 2.7% stake held by Im Jong-hoo, among other cousins, is becoming increasingly significant in the ongoing management dispute.
Shin stated, "I do not believe there has been a fundamental fracture in the four-party alliance. I hope to establish a management system centered on professional managers at Hanmi Science and Hanmi Pharmaceutical, along with compliance management." He added, "To implement this, I have refrained from attending company meetings and vacated my office at Hanmi since the regular shareholders' meeting this year."
* This article has been translated by AI.
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