Kolmar Family Father and Daughter Withdraw Injunction Request Related to Kolmar BNH Shareholders’ Meeting

Kolmar Group Management Dispute Effectively Concluded
Kolmar BNH Transitions to Three-Person Representative Structure

On October 21, Kolmar Group Chairman Yoon Donghan and Kolmar BNH CEO Yoon Yewon announced that they have withdrawn their injunction request seeking to prevent Kolmar Holdings from calling an extraordinary general meeting of Kolmar BNH shareholders.

Yoon Sanghyun, Vice Chairman of Kolmar Holdings (from the left), and Yoon Yewon, CEO of Kolmar BNH.

Previously, in May, Vice Chairman Yoon Sanghyun had requested an extraordinary general meeting of Kolmar BNH shareholders. At that time, Kolmar Holdings filed a lawsuit seeking court approval to convene the meeting, arguing that a professional manager needed to be appointed due to Kolmar BNH's poor stock performance and earnings. The agenda included appointing Vice Chairman Yoon and former CJ CheilJedang Vice President Lee Seunghwa as inside directors.

In response, Chairman Yoon Donghan and CEO Yoon Yewon filed for an injunction to block Vice Chairman Yoon from exercising his authority to convene the extraordinary general meeting of Kolmar BNH shareholders. However, the Seoul Central District Court dismissed the injunction request, and Chairman Yoon's subsequent appeal to the Supreme Court was also ultimately dismissed.

At the extraordinary general meeting of Kolmar BNH held on September 26, the agenda to appoint Kolmar Holdings Vice Chairman Yoon Sanghyun and former CJ CheilJedang Vice President Lee Seunghwa as inside directors was approved. Subsequently, on October 14, Kolmar BNH's board of directors appointed Vice Chairman Yoon and Director Lee as CEOs. As a result, Kolmar BNH has transitioned to a three-person representative structure, with Director Lee, President Yoon, and CEO Yoon each serving as separate representatives.