A court ordered a provisional seizure worth 10 billion won on shares of Hanmi Science(008930) held by Vice Chair Im Ju-hyeon of Hanmi Science, the eldest daughter of the late Hanmi Group founder Im Seong-gi.
The decision grants an attachment request filed by the side of Shin Dong-kuk, chair of Hanyang Precision Co., over a pact to jointly exercise voting rights under a "four-party alliance" formed during Hanmi Group's management control dispute.
However, the decision is an interim measure for preserving claims at the provisional seizure stage, and Vice Chair Im's liability for liquidated damages has not been finally confirmed. A full trial is expected to address whether the four-party agreement was breached and the scope of any liability.
According to Shin Dong-kuk's side on the 6th, the court on the 29th of last month granted Shin's request to provisionally seize Hanmi Science shares held by Vice Chair Im. Shin's side said Im violated the duty to jointly exercise voting rights under the four-party agreement and sought the attachment to preserve a 10 billion won liquidated damages claim.
In 2024, Vice Chair Im, Chair Song Young-suk of Hanmi Group, Chair Shin, and Killington LLC (La Defense Partners) formed a four-party alliance amid the Hanmi Science control dispute and agreed to jointly exercise the voting rights of the shares each held.
The key issue is 2.7% out of the 9.15% Hanmi Science equity that Vice Chair Im presented as her holdings at the time.
Shin's side argues that Im transacted that equity with Equite First by selling it and granting a repurchase right to buy it back after a certain period, but failed to take measures to maintain voting rights until the buyback.
They also say Equite First later sold most of that equity on the market, preventing Im from exercising voting rights attached to it at the regular shareholders meetings last year and this year, which Shin's side claims violates the obligation to jointly exercise voting rights set out in the four-party agreement.
According to Shin's side, in deciding on the attachment the court considered that the four-party alliance was formed on mutual trust regarding each party's equity. If the four parties reach agreement on a shareholders meeting agenda item, each must exercise the entirety of their equity in the agreed manner, and this obligation is central to the pact.
◇ After the founder's death, Hanmi's equity landscape changed
The decision comes amid shifts in Hanmi Group's governance structure since founder Im Seong-gi's death.
Since Im's death, the equity structure changed significantly as inheritance taxes were raised. Shin, known as a junior schoolmate from Im's hometown and high school, steadily bought Hanmi Science equity that came onto the market during the inheritance process and became the largest shareholder.
Shin then joined forces with the founder's elder son, Im Jong-yun, chair of Cori Group, and younger son, Im Jong-hun, CEO of Hanmi Fine Chemical, to compete for control against Chair Song Young-suk and Vice Chair Im Ju-hyeon.
But Shin later split with the brothers and formed the so-called "four-party alliance" with Chair Song and Vice Chair Im, becoming a key axis of the Hanmi Group control dispute.
As relationships within the four-party alliance shifted, the equity landscape among major shareholders was reshuffled again.
CEO Im Jong-hun transferred part of his equity to allies of Chair Song and Vice Chair Im, strengthening cooperation with the mother-daughter side. In contrast, Chair Im Jong-yun transferred part of his Hanmi Science equity to Shin's side, forming a renewed alliance.
Accordingly, last month Shin moved to increase his stake by agreeing to buy about 172.7 billion won worth of Hanmi Science shares. As alliances among major shareholders and equity transfers continue, Hanmi Group's governance structure is again being reshaped.
◇ Where Equite First's equity goes next is a swing factor for voting power
The attachment decision has also drawn attention to the fate of Hanmi Science equity that went to Equite First.
Filings show Equite First bought 6.6% of Hanmi Science equity in total—2.7% from Vice Chair Im, 3.44% from CEO Im Jong-hun, and 0.46% from Chair Song—in a structure that granted the sellers a right to repurchase the shares after a set period.
Shin's side believes Equite First sold most of that equity on the market. As a result, some holdings previously viewed as friendly to the founder's family could be excluded from the actual voting contest, according to Shin's side.
However, whether voting rights can be exercised requires clear interpretation and judgment. There are differing views on how to classify the equity that CEO Im Jong-hun sold to Now IB Capital and the equity held by public-interest foundations as friendly to either side.
Legal battles over the four-party alliance continue on both sides. Shin Dong-kuk is also on trial as a defendant in a 60 billion won liquidated damages claim filed by Chair Song Young-suk, Vice Chair Im Ju-hyeon, and Killington LLC. The first-instance ruling is set for Oct. 1.
Future lawsuit outcomes and changes in major shareholders' equity are expected to affect the control landscape.
Shin's side said, "We do not believe this attachment decision has caused a fundamental rift in the four-party alliance," adding, "It is important for Hanmi Science and Hanmi Pharmaceutical to establish a professional management-centered system and compliance management."