[Exclusive] 'Mojae Rebellion' Hanmi Pharm... Lim Jong-yoon & Jong-hoon Declare "No Special Relationship with Mother" in Disclosure

Published 24 Jan.2024 17:36(KST)

Updated 25 Jan.2024 10:50(KST)

On the 24th, Lim Jong-yoon, President of Hanmi Pharmaceutical, and Lim Jong-hoon, President of Hanmi Precision Chemical, who are in conflict with their mother Song Young-sook, Chairwoman of Hanmi Pharmaceutical Group, announced that they have no special relationship in terms of shareholding with Chairwoman Song regarding the integration of Hanmi Pharmaceutical Group and OCI Group. The confrontation between the two sides appears to be intensifying.

Lim Jong-yoon, President of Hanmi Pharmaceutical / Photo by Moon Ho-nam munonam@

On the 24th, Presidents Lim Jong-yoon and Lim Jong-hoon each disclosed a large shareholder report on Hanmi Science, separated from Chairwoman Song and Lim Joo-hyun, President of Hanmi Pharmaceutical, stating, "We can no longer be considered special related parties with Song Young-sook (including her special related parties)."

After the passing of founding Chairman Lim Sung-gi, Hanmi Pharmaceutical Group has publicly disclosed stock holdings classifying Chairwoman Song, the three siblings Lim Jong-yoon, Joo-hyun, and Jong-hoon, their spouses, and direct descendants as special related parties. As of the 11th, their combined stake in Hanmi Science, the holding company of Hanmi Pharmaceutical Group, including the Gahyeon Cultural Foundation, Lim Sung-gi Foundation, and La D?fense, amounted to a total of 63.0%.

However, on the 17th, the brothers Lim Jong-yoon and Jong-hoon jointly filed a provisional injunction to prohibit the issuance of new shares, a key part of the integration process between Hanmi Pharmaceutical Group and OCI Group, marking the start of a serious conflict between the mother and daughter, as well as between the eldest and second sons. The brothers explained that since there were disagreements regarding the exercise of management rights over Hanmi Science, and the largest shareholder Song Young-sook pushed forward with the issuance of new shares against the wishes of Lim Jong-yoon and Lim Jong-hoon, they filed the injunction and submitted new stockholding reports stating they are no longer special related parties with Chairwoman Song.

Hanmi Pharm Headquarters Exterior [Photo by Hanmi Pharm] [Image Source=Yonhap News]

The brothers Lim Jong-yoon and Jong-hoon each submitted reports grouping their own wives and children, as well as their sibling’s wives and children, as separate special related parties. Dx&Vx, a company affiliated with the Kori Group established by President Lim Jong-yoon, was also listed in the report with a 0.4% stake. The total shares of Hanmi Science held by them amount to 19,865,238 shares, representing a 28.4% stake.

The first hearing for the provisional injunction to prohibit the issuance of new shares filed by the brothers Lim Jong-yoon and Jong-hoon at the Suwon District Court will be held on the 7th of next month.