OCI Holdings announced on the 28th that it "humbly accepts the will of the shareholders and will halt the integration process with Hanmi Group."
On the same day, after the proposal to appoint five directors by the brothers Lim Jong-yoon and Jong-hoon was passed at the regular shareholders' meeting of Hanmi Science, the holding company of Hanmi Group, OCI Holdings stated, "We hope for the future development of Hanmi Pharmaceutical Group."
At the shareholders' meeting, the proposal to appoint five directors, proposed by the brothers Lim Jong-yoon and Jong-hoon, the second and third sons of the founder, was all approved. Among the nine directors of Hanmi Science, the brothers opposing the integration now hold the majority.
The mother, Song Young-sook, Chairwoman of Hanmi Group, and sister, Lim Joo-hyun, Vice Chairwoman, and the brothers each proposed the appointment of six and five directors respectively, leading to a vote battle. With the brothers' side succeeding in taking control of the board at the shareholders' meeting, the integration between OCI Group and Hanmi Group also failed.
On January 12, Hanmi Group and OCI Group announced an integration agreement. Since then, the brothers Lim Jong-yoon and Jong-hoon have been engaged in a management rights dispute with Chairwoman Song Young-sook and Vice Chairwoman Lim Joo-hyun, who led the integration.
Lee Woo-hyun, Chairman of OCI Holdings (left), speaking at a press conference held on the 25th at Hanmi Tower in Songpa-gu, Seoul. Photo by Jo Yong-jun jun21@
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