[Alpha Biz= Paul Lee] The management dispute within **Hanmi Pharmaceutical Group, which appeared to have been settled at last year’s shareholders’ meeting, is again slipping into uncertainty ahead of this year’s annual meeting.

Concerns are growing that the so-called “four-party alliance”—formed by Chairwoman Song Young-sook, widow of founder Lim Sung-ki, major shareholder Shin Dong-kuk, and other partners—could fracture over the potential reappointment of CEO Park Jae-hyun.

If the opposing sides, which are already engaged in asset seizure litigation, clash over the composition of Hanmi Pharmaceutical’s board, the group could again be drawn into a full-scale management control battle.

According to the pharmaceutical industry on March 8, the conflict dates back to early 2024, when the founding family split over a proposed integration with the OCI Group to address inheritance tax issues.

At the time, Shin Dong-kuk backed the brothers Lim Jong-yoon and Lim Jong-hoon, helping defeat the OCI integration proposal at the March 2024 shareholders’ meeting and leading to the launch of the Lim Jong-hoon leadership structure.

However, the situation reversed in July 2024, when Shin joined forces with the mother–daughter side—Song Young-sook and Vice Chair Lim Ju-hyun—and formed a four-party alliance with private equity firm La Défense Partners.

The alliance ultimately secured control when Lim Jong-hoon resigned as CEO of holding company Hanmi Science in February last year, allowing Song to return as CEO.

In March, the group installed a professional management structure, appointing Vice Chairman Kim Jae-kyo as co-CEO of Hanmi Science alongside Park Jae-hyun, who leads Hanmi Pharmaceutical.

The fragile balance has since begun to crack. Tensions escalated this year between Shin Dong-kuk and CEO Park Jae-hyun, with Song publicly backing Park.

Last month, Park released a recorded conversation with Shin, claiming the major shareholder interfered in disciplinary proceedings involving a sexual harassment case at the company’s Paltan plant by allegedly informing the accused executive in advance.

Park also accused Shin of attempting to switch the raw material source for the cholesterol drug “Rosuzet” to an unverified Chinese supplier, warning the move could undermine quality management and raise concerns in the medical field.

Shin denied the allegations at a press briefing on Feb. 24, saying he had not intervened in disciplinary procedures and that Park had distorted a conversation originally related to his attempt to seek support for reappointment.

Shin also rejected claims of management interference, stating his actions were intended to correct management practices that relied on sole-source procurement and shift to competitive bidding, which he said would benefit the company and all shareholders.

The dispute has intensified after Hanmi Pharmaceutical employees staged a protest at the company’s headquarters, criticizing Shin and expressing support for CEO Park. Song Young-sook also issued a statement backing Park.

In her statement on March 5, Song apologized for the sexual misconduct controversy and emphasized that major shareholders should not directly interfere in management, adding that Hanmi should be run under a professional management system rather than the authority of any single individual.

The issue has also drawn broader industry attention after the Korean Pharmaceutical Association urged the company to prioritize patient safety over business considerations in reviewing the Rosuzet ingredient change.

With differing views among major shareholders over Park’s leadership, analysts are increasingly questioning whether the four-party alliance could collapse.

The conflict could intensify over the appointment of five Hanmi Pharmaceutical board directors whose terms expire this month. While the four-party alliance controls 52.63% of Hanmi Science, it remains unclear whether the group can reach a consensus on Park’s reappointment.

Shin, who holds 29.83% of Hanmi Science, could potentially break from the alliance and pursue a shareholder vote battle if negotiations fail.

Additional tensions stem from a large-scale lawsuit and asset seizure filed by the mother–daughter side and La Défense Partners, seeking penalty claims for alleged violations of the alliance agreement. Observers say this legal dispute could further deepen divisions within the alliance and once again cloud the group’s management outlook.

 

 

 

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