[비즈한국] It has been confirmed that Shin Dong-kuk, Chairman of Hanyang Precision, recently placed a provisional attachment on the Hanmi Science shares held by Lim Ju-hyun, Vice Chair of Hanmi Group. This measure is intended to secure half of the 20 billion won in penalty damages claimed by Chairman Shin. With Chairman Shin now retaliating after Vice Chair Lim and her mother, Hanmi Group Chairwoman Song Young-sook, provisionally attached his assets last year, the conflict within the ‘4-party alliance’ appears to be escalating into mutual provisional attachments.
According to Bizhankook’s reporting, the Seoul Central District Court granted Chairman Shin’s request for a provisional attachment of shares against Vice Chair Lim on the 29th of last month. The assets under attachment are Hanmi Science shares worth 10 billion won held by Vice Chair Lim. Chairman Shin argued that Vice Chair Lim violated the shareholders' agreement and requested the preservation of 10 billion won out of the 20 billion won in total penalty damages.
This provisional attachment comes about a year after the mother-daughter side froze Chairman Shin’s assets. Chairwoman Song Young-sook, her eldest daughter Vice Chair Lim Ju-hyun, and Killington Ltd., a special purpose company (SPC) of La Defense Partners, provisionally attached Chairman Shin’s Hanmi Science shares in July last year. The purpose was to secure 12 billion won out of a 60 billion won penalty claim. One day prior, they had also placed a 10 billion won provisional attachment on Chairman Shin’s apartment at Hannam The Hill in Yongsan-gu, Seoul.
The root of the dispute between the two sides lies in the shareholders' agreement signed by key Hanmi Science shareholders. Chairman Shin, Hanyang Precision, Chairwoman Song, Vice Chair Lim, and Killington signed the shareholders' agreement in November 2024 and again in January 2025. The agreement established the joint exercise of voting rights and board composition, and granted the parties rights of first refusal and tag-along rights in the event of share disposal. This contract was a key mechanism for the so-called ‘4-party alliance’ regarding joint management and principles for stake disposal.
Chairman Shin’s recent request for a provisional attachment on Vice Chair Lim’s shares is a separate preservation measure from the ongoing 60 billion won penalty lawsuit. Unlike the previous litigation, this time Chairman Shin has raised the issue of Vice Chair Lim’s violation of the shareholders' agreement. As a result, the dispute over the interpretation and implementation of the agreement has become even more complex. It has effectively become a situation where both sides are holding each other accountable based on the same contract.
Previously, Chairwoman Song, Vice Chair Lim, and Killington filed a penalty damages lawsuit against Chairman Shin at the Seoul Central District Court in September last year. They claimed that Chairman Shin had initially agreed to pursue a senior care business in Banpo-dong, Seoul, but later changed his stance, thereby violating the joint voting rights agreement. Chairman Shin countered that he had only withdrawn his consent because the preconditions for the business had not been met. The first trial for this case concluded in June, and the ruling is scheduled for October 1.
Meanwhile, this provisional attachment comes as the ownership battle for Hanmi Group is intensifying again. In July, Chairman Shin signed a contract to purchase approximately 3.6 million shares of Hanmi Science held by the family and relatives of Lim Jong-yoon, former CEO of Hanmi Science, in an off-market deal worth 172.7 billion won. Once the transaction is finalized this month, Chairman Shin’s stake in Hanmi Science will rise to 28.15%, or approximately 35.1% when including his Hanyang Precision stake.
Conversely, the stake held by the founding family side exceeds that of Chairman Shin. Vice Chair Lim Ju-hyun holds 9.15%, Killington holds 9.81%, Lim Jong-hoon, CEO of Hanmi Fine Chemical, holds 5.09%, and Chairwoman Song Young-sook holds 3.84%. The founding family’s combined stake, including public interest foundations and relatives, stands at 31.05%, and reaches 40.86% when including the friendly stake held by Killington. Even after Chairman Shin’s additional purchase is completed, the founding family side maintains a lead of 5.76 percentage points.
When asked about the background of this provisional attachment and the penalty claim, Chairman Shin Dong-kuk stated, “I cannot answer as it could be misleading.” A Hanmi Pharmaceutical official also stated, “We are not aware of anything.”