[Alpha Biz= Reporter Kim Jisun] Private equity firm Hahn & Company, the largest shareholder of Namyang Dairy, announced its intent to take strong legal action against former Namyang Chairman Hong Won-sik, labeling his recent lawsuit as “rehashed claims” that have already been resolved by the courts.
In a statement on the 29th, Hahn & Company expressed “deep regret” over Hong’s recent filing against Hahn & Co. executives, saying, “We will respond with every legal measure available against such attempts.”
Hong filed a complaint with the Seoul Central District Prosecutors' Office, accusing Hahn & Co. CEO Han Sang-won and PH & Company CEO Ham Chun-seung, the intermediary in the share purchase agreement (SPA), of fraud under the Act on the Aggravated Punishment of Specific Economic Crimes.
Hong’s legal team alleged that Hahn & Co. misled him into believing he would retain a certain level of influence to aid in the company’s management even after transferring his Namyang Dairy shares.
Hahn & Co. refuted these claims, noting, “Hong’s side has claimed damages on the basis that we had assured him of an advisory role. However, this claim is both unfounded and has already been dismissed by the courts over the past three years.”
The firm highlighted that, in January this year, the Supreme Court upheld the previous ruling, stating that there was insufficient evidence to conclude Hahn & Co. had guaranteed any specific position for Hong or his family members. Hahn & Co. added that the latest lawsuit amounted to nothing more than a “frivolous complaint.”
After a legal dispute with the Hong family, Hahn & Co. became the largest shareholder of Namyang Dairy, acquiring a 53.08% stake for 310.7 billion KRW in a January court-sanctioned SPA with the former chairman’s family.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
