Signs of Management Dispute in Hanmi Group... Eldest Son Opposes OCI Integration Decision

Hanmi Pharmaceutical Headquarters.

Hanmi Pharmaceutical Group is facing internal strife and an increased possibility of a management dispute following its announcement of integration with OCI Group.

According to the business community on the 14th, Hanmi Pharmaceutical announced its integration with OCI on the 12th. OCI Holdings, the holding company of OCI Group, acquired a total of 27% of Hanmi Science, the holding company of Hanmi Pharmaceutical Group, by investing 770.3 billion KRW, including 18.6% through existing shares and in-kind contributions and 8.4% through new share issuance. Additionally, key shareholders of Hanmi Science, including Lim Joo-hyun, head of strategic planning, acquired 10.4% of OCI shares. This was decided through a board resolution and publicly disclosed.

Once the integration is complete, OCI Holdings will become the integrated holding company, and Hanmi Science will serve as an intermediate holding company overseeing pharmaceutical and bio subsidiaries. A separate intermediate holding company for materials and chemical sectors is also planned. After the integration, OCI Holdings is expected to hold 27.03%, becoming the largest shareholder of Hanmi Science. Shin Dong-guk, chairman of Hanyang Precision, is expected to hold 11.12%, Lim Jong-yoon, president of Hanmi Pharmaceutical and eldest son of the late founder Lim Seong-gi, 11.10%, younger son Lim Jong-hoon 6.59%, and the National Pension Service 6.76%, according to Hanmi Pharmaceutical Group’s projections.

However, on the day following the integration announcement, the 13th, President Lim Jong-yoon opposed the decision. On his personal company Kori Group’s X (formerly Twitter) account, he stated, "I have never received any form of notice, information, or materials from Hanmi or the family regarding the announcement of Hanmi Science and OCI," adding, "I will carefully and comprehensively assess the current situation before making an official statement." In an interview with a media outlet on the 14th, Lim said, "A critical decision to sell company shares and promise joint management was made unilaterally without proper review or communication," and added, "I am prepared to use final measures such as injunction applications and changes to the board of directors if necessary."

In response, Hanmi Pharmaceutical Group issued a statement on the 14th, saying, "This integration process was unanimously decided by the Hanmi Science board members," and explained, "Although Lim Jong-yoon is an inside director of Hanmi Pharmaceutical, he is not a member of the holding company Hanmi Science’s board." They further stated, "We understand that President Lim expressed his opinion on this integration as a major shareholder," and added, "We will continue to meet with President Lim to explain the purpose and direction of this integration to ensure it proceeds smoothly."

Currently, Song Young-sook, the widow of the late chairman Lim Seong-gi who led Hanmi Pharmaceutical Group’s overall management and spearheaded this integration, and their eldest daughter Lim Joo-hyun hold 11.66% and 10.2% of shares respectively. Eldest son Lim Jong-yoon holds 9.91%, and younger son Lim Jong-hoon, who is known to share Lim’s views, holds 10.56% of the shares.

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