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Yoon Sang-hyun, Vice Chairman of Korea Kolmar Holdings (left), and Yoon Yeo-won, CEO of Kolmar BNH. (Photo courtesy of Korea Kolmar Holdings) |
[Alpha Biz= Paul Lee] Seoul – The Seoul Central District Court has barred Yoon Sang-hyun, Vice Chairman of Kolmar Holdings, from disposing of shares gifted by his father, Yoon Dong-han, Chairman of Kolmar Group, intensifying attention on an ongoing lawsuit over the cancellation of the share transfer agreement.
On September 5, Kolmar BNH announced that the court’s Civil Division 51 upheld Chairman Yoon’s request for a preliminary injunction to prohibit the sale of the disputed shares.
Background of the Dispute
In May, Chairman Yoon filed a civil lawsuit to terminate the gift contract and reclaim 4.6 million Kolmar Holdings shares (about 14% stake) previously donated to Vice Chairman Yoon.
The dispute stems from a 2018 management agreement under which Vice Chairman Yoon would oversee the group’s overall operations while CEO Yoon Yeo-won independently managed Kolmar BNH. Chairman Yoon claims the agreement was breached when Vice Chairman Yoon attempted to consolidate control, justifying cancellation of the gift contract.
To protect his ownership claim, Chairman Yoon filed for an injunction on June 2. The court granted the request on June 27, finding sufficient grounds to support potential cancellation.
Vice Chairman Yoon argued that the donation was unconditional and could not be revoked on grounds of a management agreement breach. However, after a review and hearing in August, the court decided to maintain the injunction.
Implications
If the court ultimately rules in favor of Chairman Yoon in the main lawsuit, it could trigger significant changes in Kolmar Holdings’ management rights and the overall governance structure of Kolmar Group.
Chairman Yoon has also expanded his claims, seeking the return of additional shares—1 million out of 3.35 million shares stemming from a 2016 gift (after bonus issues)—in addition to those under the 2019 transfer.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
