Hanmi Pharm Approaches 'Sibling Conflict'... Brothers Lim Jong-yoon and Jong-hoon Jointly File Injunction Request

The dispute surrounding the integration between Hanmi Pharmaceutical Group and OCI Group has entered a new phase. Im Jong-hoon, president of Hanmi Precision Chemical and younger brother of Im Jong-yoon, president of Hanmi Pharmaceutical (and chairman of the Kori Group), has officially joined the camp opposing the integration decision made by their mother, Song Young-sook, chairwoman of Hanmi Pharmaceutical Group, and their younger sister, Im Joo-hyun, president of Hanmi Pharmaceutical.

Lim Jong-yoon, President of Hanmi Pharmaceutical (Chairman of Kori Group) / Photo by Moon Ho-nam munonam@

On the 17th, the Kori Group, led by Im Jong-yoon, announced via social media platform X (formerly Twitter) that "Im Jong-yoon and Im Jong-hoon of Hanmi Science jointly submitted an application for a 'prohibition of new share issuance injunction' to the Suwon District Court today." The legal representative will be the law firm Jipyung.

This injunction application is based on the judgment that the current third-party allotment rights issue is illegal amid the ongoing management dispute within Hanmi Pharmaceutical Group. Regarding this, a Hanmi Pharmaceutical official stated, "There are no issues with the requirements, so the possibility of the injunction being granted is very low according to our legal review," and added, "We will strive to proceed smoothly with the integration process so that the spirit of the joint and symbiotic management agreed upon by both Hanmi Pharmaceutical and OCI groups is well reflected."

However, Im Jong-yoon told Asia Economy, "They claim that there was no management dispute at the time the board made the decision, but if that is true, it is questionable why such a significant matter was decided with only two members of the major shareholder family present," adding, "This situation became the motive for the dispute." In addition to the injunction application for prohibition of new share issuance submitted that day, Im also criticized the use of the term 'integration,' stating that although it is effectively a 'merger' of the two groups, no special resolution was passed at the shareholders' meeting. He said, "There is no contract for the two companies to combine management," and "there is a possibility of violating disclosure regulations," indicating plans to actively pursue legal action.

Seoul Songpa-gu Hanmi Pharm Headquarters view
[Photo by Hanmi Pharm]

As the situation escalates to legal disputes, there is a growing possibility that this conflict will culminate in a showdown at the upcoming regular shareholders' meeting in March. With Im Jong-yoon securing his younger brother Im Jong-hoon as an ally, his side now holds a stake roughly equivalent to the combined shares of Chairwoman Song and President Im Joo-hyun. However, when adding other friendly shares such as those held by Gahyeon Cultural Foundation, La Defense Partners, and Chorus LLC, which are aligned with Chairwoman Song and President Im Joo-hyun, it is still insufficient.

Therefore, Im Jong-yoon is hoping for the support of Shin Dong-guk, chairman of Hanyang Precision Chemical, a major shareholder of Hanmi Science and a junior from Chairwoman Song's hometown. If Chairman Shin joins, the combined friendly shares of both sides will become nearly equal. Im is also considering additional share purchases using resources from the Kori Group he leads. However, Chairman Shin has not yet expressed his position on the Hanmi Pharmaceutical and OCI integration, as he left for an overseas business trip earlier this year.