The article discusses the intense battle for voting rights between brothers Im Jong-yoon and Im Jong-hoon, who currently hold management control of Hanmi Science, and a coalition of three opposing members—Shin Dong-guk, Song Young-sook, and Lim Joo-hyun—leading up to the extraordinary general meeting on the 28th of November.
Recently, Hanmi Science appointed Locomotive as an additional proxy solicitation service provider, raising the number of firms engaged by the brothers to four. In contrast, the trio has also secured four proxy solicitation agencies. Legal contention over access to the shareholder register resulted in Hanmi Science allowing the trio access, prompting the withdrawal of a court case.
The siblings are personally reaching out to shareholders for proxy support, while Hanmi Science filed a complaint against the three-party alliance for allegedly misusing the company logo and misleading shareholders. The dispute extends beyond proxy solicitation, with intense strategic and legal maneuvers on both sides.
The brothers filed allegations of breach of trust against Song Young-sook of Hanmi Group and Park Jae-hyun, CEO of Hanmi Pharm, due to unapproved donations of approximately 12 billion KRW to the Kahyeon Cultural Foundation. The trio, which controls the board of this foundation and another, the Lim Sung-ki Foundation, was similarly involved in last March’s regular shareholders meeting controversy.
Attempts by Hanmi Science to prevent the foundations from exercising their voting rights have included legal and financial pressure. The trio criticized these actions as procedural violations, lacking board approval.
Both sides conducted investor briefings, presenting ambitious growth targets (2 trillion KRW and 5 trillion KRW in revenue), intensifying the competition. The extraordinary shareholders’ meeting is seen as pivotal for the control of Hanmi Science, with future board dynamics hinging on the outcome. If the trio doesn’t succeed now, they may struggle to regain influence before the brothers’ board terms end in 2027.
The possibility of a shift in the ownership structure with external investors is also highlighted, as Hanmi Science seeks capital and considers a rights issue, a move opposed by the trio based on past integration efforts with OCI Group.
In addition, attention has been drawn to Im Jong-hoon’s recent sale of 1.55% of Hanmi Science’s shares, reportedly to cover inheritance tax, raising eyebrows due to its timing just before the crucial meeting. Jong-hoon publicly apologized, citing the need to minimize market impact through an after-hours block deal.