This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:30 p.m. on Sept. 4, 2026.
Goo Mi-hyeon, former OURHOME chair and a member of the extended LG family, is pushing to acquire KOSDAQ-listed Bonne(226340), which now appears unlikely to submit its semiannual report by the 10th, the due date for the balance payment on the sale of existing shares. With headwinds piling up around Bonne—embezzlement and breach of trust allegations and repeated court petitions to ban new share issuance—the delay in submitting the semiannual report is fueling concerns that the sale may fall through.
According to the investment banking (IB) industry on the 4th, Bonne is reportedly unlikely to submit its semiannual report by the 10th, the date for the balance payment on the sale of existing shares. As a result, the former chair Goo's balance payment date also appears likely to be postponed.
Bonne drew strong market attention in July when it announced the acquisition by former chair Goo, a member of the extended LG family and former OURHOME chair. Bonne's share price hit the upper limit for seven straight sessions after the management sale announcement. As a cosmetics OEM, Bonne's market capitalization had been only in the 10 billion won range, but, buoyed by the acquisition catalyst, it recently swelled to around 50 billion won.
But adverse developments have continued to emerge. On Aug. 14, Bonne missed the submission deadline for its semiannual report and was designated for administrative supervision. The company failed to obtain the auditor's review opinion after an internal tipoff about employees and executives. In the process, allegations of embezzlement and breach of trust by former and current management were also identified. In addition, a shareholder has twice filed for an injunction to ban new share issuance against Bonne.
Bonne initially planned to obtain the external auditor's review opinion and submit its semiannual report by the end of last month, but it still has not filed. For the balance payment on the sale of existing shares scheduled for the 10th to proceed, the company must submit a semiannual report with a review opinion and exit administrative supervision. Given the current progress, however, it is unlikely the report will be submitted by that time.
A Bonne official said, "At this point, it is expected to be difficult to submit the semiannual report before the balance payment date for the stock purchase agreement," adding, "There is a possibility the balance payment date will be deferred, and we will disclose details as soon as the specific schedule is set."
Some in the market say the string of setbacks surrounding Bonne could hinder the sale of management control. Still, insiders assess that the embezzlement and breach of trust allegations and the petition to ban new share issuance are unlikely to scuttle the sale itself. The amount identified so far in embezzlement and breach of trust is about 100 million won, below the threshold for a trading halt, and the likelihood of recovery is high. The first petition to ban new share issuance was also dismissed by the court.
On the other hand, if the company fails to obtain a review opinion in the semiannual report, the controlling shareholder's equity sale is effectively blocked. The timing of the semiannual report and whether a review opinion can be obtained will determine the course of Bonne's sale of management control.
So far, both the seller, CEO Lim, and the acquirer, former chair Goo, are said to be strongly committed to completing the transaction. A paid-in capital increase and CB payment involving the former chair Goo's side have already been carried out, separate from the non-submission of the semiannual report.
An industry official said, "The delay in submitting the semiannual report is interpreted as a sign that it is difficult to form a review opinion," adding, "But we have to wait until the semiannual report is filed to see the actual outcome."