[Edaily Reporter NA EUN-KYUNG ] A court has issued a provisional attachment order worth 10 billion won on shares of Hanmi Science(008930) held by Lim Ju-hyun, Vice Chairman of Hanmi Group. The conflict appears to be escalating as the four-party coalition—formed to resolve the management control dispute at Hanmi Group—exchanges mutual provisional attachment orders and lawsuits seeking liquidated damages.

According to industry sources on the 6th, the Seoul Central District Court granted a provisional attachment order on the 29th of last month regarding the shares of Hanmi Science(008930), which Chairman Shin had requested against Vice Chairman Lim. Chairman Shin is claiming a penalty claim of 20 billion won, alleging that Vice Chairman Lim violated the obligation to jointly exercise voting rights under the four-party agreement, and this provisional attachment is a measure to secure 10 billion won of that amount.

However, a provisional attachment is a protective measure that temporarily freezes a debtor’s assets pending a final judgment on the merits of the case. The court has not yet definitively determined Vice Chairman Lim’s breach of the agreement or his liability for the penalty clause, and the specific details of his liability are expected to be addressed in the upcoming main lawsuit.

Chairman Shin, Hanmi Group Chairwoman Song Young-sook, Vice Chairman Lim, and Killington LLC—a special purpose company (SPC) of La Défense Partners—formed a four-party alliance during the 2024 management control dispute and agreed to jointly exercise voting rights for their respective shareholdings.

The key issue in this provisional attachment is the 2.7% of the 9.15% stake that Vice Chairman Lim presented as his holding at the time of the agreement, which was traded with Equity First under a repurchase agreement. Vice Chairman Lim was unable to exercise voting rights for those shares at the regular shareholders’ meetings in 2025 and 2026. Chairman Shin’s side claims this constitutes a breach of the four-party agreement. Critics point out that an explanation of the transaction structure is necessary, as including shares for which Vice Chairman Lim could not exercise voting rights in his stated shareholding under the agreement could have affected the alliance’s voting structure and the relationship of trust.

Equity First acquired a total of 6.6% of Hanmi Science’s shares, comprising 2.7% from Vice Chairman Lim, 3.44% from Lim Jong-hoon, CEO of Hanmi Fine Chemicals, and 0.46% from Chairman Song. Chairman Shin’s camp believes that most of these shares have been sold on the market.

Interpretations regarding the actual voting rights structure also differ. Chairman Shin’s camp argues that, excluding the shares acquired by Equity First, the combined stake held by Chairman Song, Vice Chairman Lim, and Killington amounts to approximately 34.4%, while Chairman Shin and Hanyang Precision hold approximately 35%.

Based solely on current disclosures, there is no clear basis for classifying the 2.5% stake sold by CEO Lim Jong-hoon to Now IB Fund No. 22 as a friendly stake held by the owner family. If NAU IB Capital is an independent financial investor, it needs to explain the rationale behind acquiring the stake at 48,000 won per share—a price higher than the market price. Conversely, if it has agreed to exercise voting rights jointly with the owner family, the issue of whether to disclose the joint holding could become a point of contention.

The Hanmi Group dispute intensified in 2024 when brothers Lim Jong-yoon and Lim Jong-hoon opposed Chairman Song and Vice Chairman Lim’s push to integrate with the OCI Group. Chairman Shin, who had initially supported the brothers, later formed a four-party alliance with Chairman Song and Vice Chairman Lim, but the group split again over the senior care business and the composition of the management team. Following a lawsuit filed by Chairman Song, Vice Chairman Lim, and the Killington side against Chairman Shin seeking 60 billion won in liquidated damages and a provisional attachment, Chairman Shin has now filed a counter-provisional attachment against Vice Chairman Lim.

The owner family finds it difficult to avoid criticism that they have obscured the actual voting rights structure by repeatedly trading shares to resolve inheritance tax and loan burdens. Chairman Shin, too, while emphasizing a professional management system, continues to make large-scale share purchases and take legal action, making it hard to conclusively state that he has no intention of expanding his influence over management control. This is why observers point out that both sides are focusing more on securing shares and pressuring the opposing JINYOUNG CO., LTD. than on managing the company.

Moving forward, it will be necessary to closely monitor the outcome of the main lawsuit addressing whether Vice Chairman Lim violated the four-party agreement, as well as the actual disposition of the 6.6% stake transferred to Equity First. Other variables include how NAU IB Capital will exercise the 2.5% voting rights it acquired, whether a joint holding disclosure will be made, and which side the shares held by relatives and public interest foundations—which the owner family classifies as friendly stakes—will support when actual voting rights are exercised. Given that the difference in shareholdings between the two sides is not significant, the balance of power at future shareholders’ meetings and board meetings could shift depending on which side these shares support.

Meanwhile, Chairman Shin stated through his legal representative, “I do not believe this matter has caused a fundamental rift within the four-party alliance,” adding, “I hope to see Hanmi Science and HanmiPharm establish a system centered on professional managers and adhere to compliance-based management.”