Kolmar BNH Withdraws Multiple Lawsuits One Day Before Extraordinary Shareholders' Meeting

Yoon Donghan Withdraws Three Lawsuits
Kolmar Holdings: "Legal Dispute Effectively Concluded"

Kolmar BNH has withdrawn all three lawsuits it had filed in an attempt to block the extraordinary general meeting of shareholders, just one day before the meeting was scheduled to take place.

Yoon Donghan, Chairman of Kolmar Holdings; Yoon Sanghyun, Vice Chairman of Kolmar Holdings; Yoon Yewon, CEO of Kolmar BNH.

According to the Financial Supervisory Service's electronic disclosure system on September 25, Kolmar BNH announced that all three applications filed by Yoon Donghan, Chairman of Kolmar Holdings, and others have been withdrawn: the application for permission to convene an extraordinary general meeting of Kolmar BNH, the application for the appointment of an inspector, and the injunction to suspend the validity of resolutions.

Previously, Chairman Yoon Donghan and Kolmar BNH CEO Yoon Yewon had consistently filed injunctions to prevent Vice Chairman Yoon Sanghyun of Kolmar Holdings from convening an extraordinary general meeting and thereby taking control of the Kolmar BNH board of directors.

In response, the court consecutively dismissed most of the lawsuits filed by Kolmar BNH. After the Daejeon District Court granted Kolmar Holdings permission to convene the extraordinary general meeting, Chairman Yoon filed a special appeal with the Supreme Court, but the Supreme Court also dismissed this appeal the previous day.

Kolmar Holdings stated that with the withdrawal of the lawsuits, the legal dispute over management rights has effectively reached its conclusion. A Kolmar Holdings representative commented, "Given the decisions by the Supreme Court and other courts regarding permission for the extraordinary general meeting, it was determined that there was no benefit in continuing the lawsuits. Now, the shareholders' meeting should proceed normally in accordance with the law and due process, and the will of the shareholders must be fully reflected."

Kolmar BNH will hold its extraordinary general meeting at 10 a.m. on September 26 near Jochiwon-eup, Sejong Special Self-Governing City. The agenda for the meeting includes the appointment of an acting chairperson, as well as the appointments of Yoon Sanghyun and Lee Seunghwa as inside directors.