Namyang Dairy's 300 Billion Won 'M&A' Litigation Battle... Final Verdict in Supreme Court

Hong Won-sik and Namyang Dairy Family File Appeal Against Appellate Court Loss... Submit Notice of Appeal

The '300 billion won-scale merger and acquisition (M&A) lawsuit' between Hong Wonsik, chairman of Namyang Dairy Products, and Hahn & Company (Hahn & Co) is set to be reviewed by the Supreme Court.

Chairman Hong's side, dissatisfied with the loss in the appellate court, submitted a petition for appeal to the Supreme Court on the 2nd through their legal representatives.

On the same day, Chairman Hong's side released a statement saying, "We have appealed to the Supreme Court to seek a clear and reasonable judgment on the issue of dual representation through the higher courts, and also to express our grievance over the appellate trial that ended in vain."

Earlier, the 16th Civil Division of the Seoul High Court ruled in favor of the plaintiff, Hahn & Co, in the stock transfer lawsuit appeal filed against Chairman Hong's family, just as in the first trial. The appellate court stated, "After the conclusion of the trial, the defendant (Chairman Hong's family) submitted multiple requests to reopen the trial, but after reviewing each in detail, we found no grounds to reopen the trial," thus dismissing Chairman Hong's appeal.

Chairman Hong's side argues that the problem lies in the fact that Kim & Chang law firm represented both Namyang Dairy Products and Hahn & Co during the company sale process, claiming that the stock purchase agreement is invalid. They contend that although they appointed a Kim & Chang lawyer as the M&A legal representative based on the sales advisor's suggestion, Hahn & Co also appointed another lawyer from Kim & Chang, making the contract flawed.

This content was produced with the assistance of AI translation services.