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From left, Yoon Sang-hyun, Vice Chairman of Kolmar Korea Holdings |
[Alpha Biz= Kim Jisun] Kolmar Group founder Yoon Dong-han and his daughter, Yoon Yeo-won, CEO of Kolmar BNH, have filed for a court injunction to prohibit Yoon Sang-hyun, Vice Chairman of Kolmar Holdings and the founder’s eldest son, from convening an extraordinary shareholders’ meeting (EGM) and exercising voting rights at Kolmar BNH. The move signals a deepening legal dispute within the family over control of the group.
In a regulatory filing on August 13, Kolmar Holdings confirmed that Yoon Dong-han and Yoon Yeo-won had petitioned the Seoul Central District Court to ban Yoon Sang-hyun and Kolmar Holdings from proceeding with preparations for the Kolmar BNH EGM and from voting in favor of appointing Yoon Sang-hyun and former CJ CheilJedang Executive Vice President Lee Seung-hwa as inside directors.
The injunction request comes after Yoon Sang-hyun, citing poor performance at Kolmar BNH, sought to take a more direct role in management by filing a motion with the Daejeon District Court to convene an EGM and appoint himself and Lee as inside directors. The court approved the request, allowing the meeting to be held by September 26.
The founder and his daughter argue that the EGM violates a “management agreement” signed in 2018 between Yoon Dong-han and his two children, which allocated business responsibilities—Kolmar Holdings and Korea Kolmar for Yoon Sang-hyun, and Kolmar BNH for Yoon Yeo-won. They claim the agreement stipulates substantial penalties for breaches: ₩50 billion (US$36 million) from Yoon Sang-hyun personally and ₩30 billion (US$22 million) from Kolmar Holdings for each violation.
The legal battle underscores escalating tensions in the succession and governance structure of the Kolmar Group, with the fate of Kolmar BNH’s leadership set to be determined in the coming weeks.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
