Yoon Dong-han, founder of Kolmar Group and chairman of Kolmar Korea, has withdrawn a lawsuit seeking the return of shares that he filed against his eldest son, Yoon Sang-hyun, vice chairman of Kolmar Holdings.
According to legal sources on the 27th, Yoon's side submitted a notice of withdrawal to the Seoul Central District Court on the 22nd. The eldest son, Vice Chairman Yoon, also agreed to the withdrawal on the 26th, finalizing the dismissal.
The case began in May last year when Chairman Yoon filed suit to have 2.3 million shares of Kolmar Holdings (4.6 million shares reflecting a bonus issue) that he gifted to Vice Chairman Yoon in 2019 returned.
Before that, in September 2018, Chairman Yoon signed a three-party management agreement with Vice Chairman Yoon and eldest daughter CEO Yoon Yeo-won regarding the future governance structure of Kolmar BNH. The agreement said Vice Chairman Yoon would take charge of Kolmar Holdings and the Kolmar Group, while CEO Yoon would run Kolmar BNH.
However, changes emerged as Kolmar BNH's management deteriorated. As the slump spread to the holding company Kolmar Holdings, Vice Chairman Yoon sought a shareholder proposal to appoint himself and former CJ CheilJedang Executive Vice President Lee Seung-hwa as inside directors at Kolmar BNH. Industry observers say Chairman Yoon, in protest, filed the share return suit against the vice chairman.
However, CEO Yoon stepped down from the top post at Kolmar BNH in April, and with Chairman Yoon now withdrawing the share return suit against his eldest son, the legal dispute between father and son appears to have come to a close for now.