On the 25th, it was learned that the Supreme Court handed down a decision effectively allowing Kolmar BNH, an affiliate of Kolmar Korea, to hold an extraordinary shareholders' meeting. Within Kolmar, Vice Chairman Yun Sang-hyeon of Kolmar Holdings is locked in a management control dispute with his father, Chairman Yun Dong-han, and his younger sister, Kolmar BNH CEO Yun Yeo-won. Because the Kolmar BNH extraordinary meeting was pushed by Vice Chairman Yun to pressure CEO Yun Yeo-won, the Supreme Court decision favors Vice Chairman Yun.
Under the Supreme Court decision, the Kolmar BNH extraordinary shareholders' meeting can be held as scheduled on the 26th. The agenda is to appoint Vice Chairman Yun Sang-hyeon and Lee Seung-hwa, known as a close aide and a former executive vice president at CJ CheilJedang, as inside directors. If the two are appointed, CEO Yun Yeo-won's standing inside the company could be weakened.
The plan to hold the Kolmar BNH extraordinary shareholders' meeting first became possible when Vice Chairman Yun Sang-hyeon won an injunction in court on Jul. 25. In response, Chairman Yun Dong-han filed for an injunction to block the meeting, but the court dismissed it. Chairman Yun then filed an extraordinary appeal with the Supreme Court to stop the meeting, but that too was dismissed on the 24th. All legal obstacles to holding the extraordinary meeting have now been cleared.