Shin Dong-guk, Chairman of Hanyang Precision, "Im Jong-yoon and Jong-hoon Brothers Should Form the New Board of Directors"

Shin Dong-guk, chairman of Hanyang Precision and the key figure in the management dispute of Hanmi Pharmaceutical Group, expressed his support for the side of Hanmi Pharmaceutical presidents Lim Jong-yoon and Lim Jong-hoon.

On the 23rd, the side of Lim Jong-yoon, president of Hanmi Pharmaceutical, released a statement from Chairman Shin saying, "We hope that the Lim brothers will form a new board of directors and quickly stabilize the company."

[Image source=Yonhap News]

Chairman Shin, who holds 12.15% of Hanmi Science shares, is the largest individual shareholder excluding special related parties of the company.

In the statement, Chairman Shin pointed out, "While major shareholders have been focusing on resolving personal matters such as inheritance tax and stock-backed loans, timely investment activities in company management have been delayed, severely damaging corporate and shareholder value."

He continued, "Recently, some major shareholders have reached the level of conducting transactions that significantly affect the company's governance and management rights to resolve personal economic issues without informing other major shareholders or key shareholders holding substantial stakes about any matters related to the company's major management," adding, "I cannot help but feel great concern and regret."

Regarding the integration with OCI Group, Chairman Shin said, "I understand that management rights transactions with companies that have low relevance to Hanmi Pharmaceutical Group's business are measures aimed at resolving personal issues of those major shareholders rather than for the company's long-term development."

Chairman Shin added, "I hope the Lim brothers will form a new board of directors to quickly stabilize the company while continuously seeking follow-up measures for the company's long-term development and maximizing shareholder value," and "Ultimately, I also expect the participation of all major shareholder families and normalization of relations during this critical process."

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