Namyang Dairy-Han&Co Management Dispute Concludes Today... Supreme Court Final Appeal Verdict

Hong Won-sik, chairman of Namyang Dairy Products, is bowing his head in greeting at a public apology press conference related to the 'Bulgaris incident' held at Namyang Dairy Products headquarters in Gangnam-gu, Seoul, in May 2021. Photo by Hyunmin Kim kimhyun81@

Private equity firm Hahn & Company (Hahn & Co) will receive the final verdict on April 4 in its stock transfer lawsuit against Hong Won-sik and the Namyang Dairy Products family.

The Supreme Court's 2nd Division (Presiding Justice Cheon Dae-yeop) will hold the appellate hearing for Hahn & Co's stock transfer lawsuit against Namyang Dairy Products on the morning of the same day. This is expected to conclude the nearly two-year-long management dispute over Namyang Dairy Products.

Previously, in April 2021, when the COVID-19 pandemic was spreading, Namyang Dairy Products claimed that its product, Bulgari, had COVID-19 suppression effects, sparking social controversy. As the backlash grew, Chairman Hong announced his sudden resignation in May, taking responsibility for Namyang Dairy Products' false announcement. He then signed a contract to transfer 53.08% of the company shares held by himself and the owner family to Hahn & Co.

However, when Chairman Hong and his family breached the contract and did not transfer the shares, Hahn & Co filed a lawsuit to enforce the stock transfer in September 2021.

Both the first and second trial courts ruled in favor of Hahn & Co. If the Supreme Court's ruling is finalized on this day, Chairman Hong and his family will have to transfer the shares to Hahn & Co as per the contract.

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