The Seoul Central District Court will hand down a first-trial verdict on the 26th in the case of TYM Co. owner third-generation executive Vice President Kim Sik, who is charged with driving after taking drugs.
Vice President Kim is the grandson of the late Kim In-deuk, the founder and honorary chairman of BYUCKSAN Group, and the second son of current Chairman Kim Hee-yong. As the largest shareholder holding 20.30% equity in TYM Co., Kim currently serves as the company's chief operating officer (COO). Within the group, he is called a "next-generation manager."
According to prosecutors, Vice President Kim was indicted on charges of causing two traffic accidents in the Gangnam area of Seoul while under the influence of psychotropic medication prescribed at a hospital in July last year. The court concluded arguments on the 17th of last month and is set to deliver the verdict on the 26th of this month.
While acknowledging the fact of the accidents, Kim's side is reported to be partially denying the charges, saying, "It was not a condition that made driving impossible due to the drugs."
Elder son and former Vice President Kim Tae-sik currently holds 5.34% equity. After standing trial on charges of distributing obscene materials via social media, Kim stepped down from company management in 2023.
In some quarters of the business community, concerns are being raised that "although the younger son moved to the forefront of management ahead of the elder son, this incident may have once again exposed TYM Co. to owner risk."
TYM Co. showed growth with 1.1661 trillion won in sales and 122 billion won in operating profit in 2022, but last year its results plunged to 788.7 billion won in sales and 16 billion won in operating profit. In the industry, the analysis is that "at a time when Vice President Kim was making every effort to normalize management, another risk has flared up."
Vice President Kim had a prior record of drug use before this incident. In Oct. 2023, while staying overseas, Kim was sentenced to one year in prison, suspended for two years, on charges of taking drugs containing a mixture of methamphetamine and ecstasy components and liquid cannabis. At the time, Kim resigned as an inside director and executive managing director, but returned as vice president in July last year.
A TYM Co. official said, "As this is a personal legal matter of an employee, there is no impact on company management," adding, "All businesses are operating normally." However, if Vice President Kim is convicted, shareholder calls for Kim to step down from management have grown louder.
Meanwhile, on the 13th of this month, the fourth hearing date will be held in the administrative litigation seeking to cancel the administrative disposition filed by Kim So-won, the older sister of Vice President Kim Sik and an executive managing director at TYM Co., against the Securities and Futures Commission. TYM Co. was sanctioned for accounting violations such as "channel stuffing" by financial authorities and filed an administrative suit in objection. Former Managing Director Kim holds 4.1% equity in TYM Co..