Lim Jong-hoon "Unilateral General Meeting of Shareholders Convened"..."Hanmi Already Under Professional Management System"

As the three-party alliance of Shin Dong-guk, Song Young-sook, and Lim Joo-hyun demands the convening of an extraordinary general meeting of shareholders to regain management rights, the management dispute within Hanmi Pharmaceutical Group has reignited, with the brothers' side, now on the defensive, protesting that it was a 'unilateral decision made without agreement.' Just two months ago, the owners had expressed intentions to 'unite,' but internal conflicts have now fully resurfaced.

Lim Jong-hoon, CEO of Hanmi Science [Photo by Hanmi Science]

On the 30th, Lim Jong-hoon, CEO of Hanmi Science, strongly opposed the three-party alliance's request for an extraordinary shareholders' meeting announced the previous day, stating, "The agreed content among major shareholders should have been announced, but it was announced unilaterally," and added, "This is similar to the situation during the OCI Group integration when there was no discussion with us brothers."

CEO Lim currently leads Hanmi Science, the group's holding company, as the sole representative. Additionally, within the Hanmi Science board of directors, which consists of nine members, his allied faction holds a majority with five members. The three-party alliance plans to overturn this situation by expanding the board size from the current maximum of 10 members to 12 at the upcoming extraordinary shareholders' meeting and appointing three additional directors from the alliance side to reverse the board composition to 7 to 5.

However, Lim Jong-yoon, the elder brother and director of Hanmi Pharmaceutical, has also opposed the unilateral decision regarding the board expansion, and with CEO Lim himself opposing it, tensions between the two sides are escalating again. Emphasizing that "they must be able to persuade me," CEO Lim stressed that without agreement, the conflict is bound to continue. As the largest individual shareholder currently leading the dispute, he also sharply criticized Chairman Shin, saying, "Harmony requires listening to many people," and accused him of "acting unilaterally in a 'trust and follow me' manner, causing confusion," adding that "his words and actions do not align."

Regarding the professional management system advocated by the alliance, CEO Lim also emphasized that "a professional management system has already been established," stating there is no need to change the current situation again. In a statement posted on the company website the previous day, he said, "The 'Korean-style advanced professional management' system mentioned by other major shareholders is already operating centered on Hanmi Science," and added, "The representative, chosen by shareholders and Hanmi employees, takes direct responsibility and communicates openly with specialized leaders in each affiliate and division, moving toward the vision of New Hanmi." This reaffirmed the brothers' previously stated position that CEO Lim will continue to lead the holding company Hanmi Science, while Director Lim will head the core operating company Hanmi Pharmaceutical.