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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] Hanmi Pharmaceutical Group has plunged into a new round of internal conflict over management control, less than a year after a truce was reached between rival family factions. This time, the discord has emerged within the controlling shareholder alliance itself, raising concerns that prolonged disputes could damage corporate value and create a leadership vacuum.
According to investment banking sources, Chairwoman Song Young-sook, her eldest daughter and Vice Chairwoman Lim Ju-hyun, and La Défense Partners’ special purpose company (SPC) Killington LLC have moved to seize shares and assets belonging to Shin Dong-guk, chairman of Hanyang Precision and the largest individual shareholder of Hanmi Science. They secured a court injunction to provisionally seize Shin’s Hanmi Science shares valued at approximately ₩12 billion, as well as his Hannam The Hill apartment in Seoul, worth about ₩10 billion.
Until recently, Shin had been aligned with Song and Lim, forming a “four-party alliance” (Song, Lim, Shin, and La Défense Partners) to counterbalance the late founder’s sons, Lim Jong-yoon and Lim Jong-hoon. The alliance successfully secured majority control of Hanmi Science, the group’s holding company. However, tensions flared after Shin allegedly breached the alliance agreement, which granted members preemptive rights to buy each other’s shares, by seeking to sell his stake externally.
The conflict intensified following Shin’s issuance of three exchangeable bonds (EBs) on July 29 under Hanyang Precision, raising ₩38.45 billion. The bonds were exchangeable for stakes in Hanmi Pharmaceutical (₩19.75 billion), Dong-A ST (₩3.72 billion), and Dong-A Socio Holdings (₩14.99 billion). Earlier in January, Shin had carried out a similar transaction, securing around ₩50 billion through EB issuances tied to the same companies.
Meanwhile, Song and Lim have been pursuing a strategic partnership with OCI Group to secure shares and address a looming inheritance tax bill of about ₩540 billion. Shin, a long-time acquaintance of Hanmi’s founder, initially appeared to back the brothers but later joined forces with Song and Lim—until the recent rupture.
Industry observers warn that if the infighting persists, it could undermine investor confidence and disrupt the group’s succession and long-term strategy.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
